News release

$245M financing arranged for California mixed portfolio

JLL Capital Markets closed the refinancing for six properties located in Napa Valley, Laguna Beach, Del Mar, Newport Beach and San Diego

December 14, 2022

Jenna Sharp

Capital Markets PR
+1 214 438 6450

IRVINE, Dec. 14, 2022 – JLL Capital Markets announced today that it has closed a $245 million portfolio financing for an iconic Napa Valley hotel property; three, Class A coastal retail centers in Orange County and San Diego; one, Class A multi-housing community located in San Diego’s Little Italy submarket; and a single-tenant showroom and restaurant space in downtown Yountville.

JLL marketed the portfolio on behalf of the borrower and secured permanent financing from four lenders. Boardwalk Investments Group is led by Owner Gary Jabara and Senior Vice President Debi Kroger.

“Boardwalk was able to rate lock attractive, fixed-rate financing earlier this year, and we were pleased with the competitiveness of the real estate debt markets and smooth execution by our lending partners despite the volatile rate environment.  After a record period of acquisitions in 2021 and 2022, we will continue to look at additional core investment opportunities in the next 24 months,” said Kroger.

The properties include:

·       The Estate, a 22-acre hospitality and destination retail complex in downtown Yountville, CA with 193 luxury guestrooms across Hotel Villagio, Vintage House, and the five-bedroom Villa at The Estate

·       Aliso Creek Shopping Center, a 49,149-square-foot, 92-percent-leased, trophy retail center located within Laguna Beach and anchored by CVS

·       Flower Hill Promenade, a 168,249-square-foot, 95.6-percent-leased, neighborhood retail center that is anchored by Whole Foods and located in Del Mar

·       The Landing, a 44,289-square-foot, 100-percent-leased, Pavilions-anchored shopping center located on the Balboa Peninsula in Newport Beach

·       1810 State Street, a 99-unit, Class A, highly amenitized, mid-rise apartment complex in Downtown San Diego’s premier neighborhood of Little Italy

·       Restoration Hardware Yountville, a single-tenant, Class A showroom, wine vault and restaurant space in downtown Yountville

The JLL Retail Capital Markets Debt Advisory team was led by Managing Director John Chun, Senior Director John Marshall and Analysts Jordan Leake and Spencer Seibring.

“The deep lender pool in dislocated market conditions highlighted the irreplaceability of Boardwalk’s portfolio, and Boardwalk’s exceptional vertically integrated asset management platform. We’re excited to see Boardwalk continue to deepen its presence in California’s most coveted submarkets,” said JLL.

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 sales 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Boardwalk Investments Group

Boardwalk Investments Group, LLC, is the privately held commercial real estate investment firm of Gary Jabara, founder of Mobilitie – which at the time of sale, was the largest privately held wireless infrastructure company in the U.S. Headquartered in Orange County, California, Boardwalk acquires, owns and manages a diverse commercial real estate portfolio comprised of retail, mixed-use, office, multi-family and hospitality assets located in core California markets.

Since 2012, under Gary Jabara’s leadership and vision, Boardwalk’s seasoned management team has employed their successful investment strategy of actively acquiring, stabilizing, and managing a curated real estate portfolio. The firm’s current portfolio includes 72,000 SF of office space, 390,000 sf of retail space, 193 luxury hotel keys and over 125 multi-family units, in the San Diego, Orange and Napa Counties of California. For further information, visit