Aker, Baxter and Pearlmark secure financing for a Hudson Valley Portfolio
JLL Capital Markets arranged the loan for the four-asset, 540-unit multi-housing property
NEW YORK, April 8, 2021 - JLL Capital Markets has arranged acquisition and construction financing for a 540-unit multi-housing portfolio consisting of four properties located throughout Hudson Valley.
JLL worked on behalf of Aker, Baxter, and Pearlmark to secure the acquisition and construction loan through Ready Capital. The initial loan funding was $65,675,000 plus an additional $12,975,000 of future funding.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck; Managing Directors Scott Aiese and Rob Hinckley; Senior Director Marko Kazanjian; Vice Presidents Alex Staikos and Nicco Lupo and Analyst Andrew Cohen.
Located in the center of the Hudson Valley, the multi-housing portfolio comprises of four properties in and around Kingston, NY. “The sponsorship team is from the Hudson Valley and they are working directly with the community to bring back quality workforce housing to the area,” said Kazanjian.
“The portfolio provides housing for the expanding economy as a result of a multi-year migration to the Hudson Valley that is now being accelerated by COVID-19,” said Aiese. “Current market dynamics have deepened rental demand throughout the Hudson Valley, and these properties have enormous appeal to those seeking alternatives to New York City that offer high-end amenities and a dynamic community of restaurants and retail.”
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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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 $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Aker is a collective of operators investing in cities that bridge urban living with the outdoors. Aker prioritizes responsible development and community involvement. Since 2020, the Aker team has invested over $150M across approximately 700 apartment homes and new development. For more information, please visit https://www.akercompanies.com.