JLL’s Capital Markets experts announced the company secured a total of $88 million for the refinancing of Pine Hills South and Medford Pond, a pair of gated apartment communities in Long Island. JLL represented the owner, Heatherwood Luxury Rentals.
Managing Directors Aaron Appel and Jonathan Schwartz led the JLL team on the financing.
JLL originated a 10-year, $57 million loan for Pine Hills South and a 10-year, $31 million loan for Medford Pond with financing provided by Freddie Mac through JLL’s Multifamily Conventional Seller/Servicer Approval.
“The sponsors are exceptionally experienced, with more than five decades in the business,” said Appel. “Their track record with Freddie Mac along with our relationship with the agency made this a smooth process.”
Pine Hills South is a 700-unit gated community in Moriches, New York. It offers convenient access to the Hamptons and various Long Island attractions via Sunrise Highway and the Long Island Expressway. The community is 98 percent occupied and includes both upstairs and downstairs units, each with its own patio or terrace. Numerous on-site amenities cater to active lifestyles, including an on-site fitness center, multiple pools, playground, pond and tennis court.
The 200 units in Medford Pond were built in 2007. They range from one-bedroom units to two bed, two bath units, many of which include an attached garage. The community is also 98 percent occupied and sits just a mile north of the Long Island Expressway. It includes an on-site community center that features game and social areas, a billiard table, card tables and full kitchen.
Added Schwartz, “Our relationship with Freddie Mac is essential as owners of well-maintained, vintage multifamily stock seek to either sell or refinance their assets. This product type is becoming more coveted as the cycle progresses, and we anticipate seeing more agency activity.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
