$24.126 refinancing secured for the Enclave at Northwood in Clearwater
JLL Capital Markets led the cash-out refinancing for Preston Giuliano Capital Partners
MIAMI – August 10, 2020 – JLL Capital Markets announced today that it arranged the $24.126 million refinancing for the Enclave at Northwood multi-housing community located at 2690 Enterprise Road E. in Clearwater, Florida.
JLL worked on behalf of the borrower, JWC Clearwater LLC, a private equity partnership managed by Preston Giuliano Capital Partners, to secure the loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender. JWC Clearwater acquired the property in 2015 by assuming a Freddie Mac senior loan and placed a supplemental loan in 2018 after conducting extensive external and internal renovations. The refinance repays both loans and provides funds for a new outdoor dining pavilion, a gazebo and boat dock on the lake and unit renovations.
The Enclave at Northwood was built in 1984 and consists of 188 villas and townhouses for residents seeking a private-estate-like property that’s also in close proximity to the city. The community is conveniently positioned nearby various dining, retail and entertainment options, along with renowned schools and parks.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Directors Amit Kakar and Jesse Wright and Associate Drew Jennewein.
“The Borrower continues to add to the value of this unique asset and has enhanced the property with great financing that further strengthens it for years to come,” stated Throne.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Preston Giuliano Capital Partners
Founded in 2011, Preston Giuliano is a principal investor, backed by private capital with extensive financial resources. Preston Giuliano funds single asset and portfolio transactions from $2 million to $60 million. The firm seeks opportunities to acquire, rehabilitate, and reposition value-add, distressed, or troubled properties. Preston Giuliano capitalizes properties with enough equity to capture value opportunity and remove distress and employs low levels of leverage in doing so. Company leadership has more than ninety-five years of combined experience in real estate investment, development, and management.