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JLL secures $27.7 million in construction and permanent financing for 333 on the Park
On behalf of Timberland Partners, JLL’s Capital Markets experts today announced the firm has secured $27.7 million in financing for 333 on the Park, located in Saint Paul, Minnesota. The loan was provided via FHA’s 221(d)(4) sub rehab program. The loan, in conjunction with Federal and State Historic Tax Credits, will facilitate the substantial rehabilitation and conversion of the Gordon and Ferguson office building into 134 market rate multifamily units.
Managing Director Ken Dayton and Vice President Pat McMullen led the JLL team on the transaction.
“There is a great need for additional market-rate multifamily units in St. Paul, and the 221(d)(4) program makes capital more easily accessible for significant renovations,” said Dayton.
“We are excited to have JLL partner with us to provide financing on the adaptive reuse of what was an underutilized obsolete office building into apartment homes,” said Ryan Sailer, Vice President of Development at Timberland Partners. “This property will add even more life and vibrancy to Saint Paul’s historic Lowertown district.”
The loan features a loan-to-cost (LTC) ratio of 80.66 percent and a debt service coverage ratio (DSCR) of 1.20x. The development site is located adjacent to Mears Park and the new light rail station, just two blocks from the Mississippi River and the St. Paul Farmers Market, three blocks to the new St. Paul Saints Stadium and within walking distance to the Xcel Energy Center. The building originally constructed in 1913 is connected to the downtown skyway system and features underground parking and 6,197 square feet of commercial space.
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 2015 alone, JLL Capital Markets completed $140 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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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.