Greystar and Star America obtain two loans for student housing developments at University of Oregon and University of Washington
JLL Capital Markets secured the two construction loans for the property
SEATTLE, October 6, 2020 – JLL Capital Markets announced today that it arranged $59.95 million in construction financing for the Union on Broadway student housing and retail development located at 476 E. Broadway St. in Eugene, Oregon, and a $86.17 million construction loan for the Lakeview student housing project at 4126 12th Ave. N.E. in Seattle, Washington.
JLL worked on behalf of the owners of borrower Greystar and Star America to secure the two loans with Pacific Western Bank. JLL also represented Greystar to secure JV equity and instigate the partnership for both transactions with Star America.
The Union on Broadway development will consist of 357 units, with 608 beds and averaging 561 square feet, with the full development about 338,130 square feet sitting on 1.1 acres. When complete, units will be fully furnished, contain private bedrooms and bathrooms, have in-unit washers and dryers and will include Internet. Community property amenities include a premium fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, firepits and grills. There will also be ground retail with outdoor seating.
A major economic driver in the local community, the university is headed toward a $3 billion target in fundraising for its Phil and Penny Knight Campus for Accelerating Scientific Impact, allowing more funds for the program and faculty and administration recruitment, and has invested $250 million into student athletic facilities.
Located 500 feet from the University of Washington, the Lakeview development will provide 226 (597 beds) studio, two-, three- and four-bedroom units for individual and double occupancy rooms, ranging from 390 to 1,147 square feet. The development will total 20,610 square feet and contain amenities such as study lounges, a premium indoor fitness center, enclosed bicycle room, outdoor deck with fitness equipment, library with study rooms, sky lounge with a media center and more.
This development is complimentary of the university’s recent 2019 Campus Master Plan that promotes 6 million new gross square feet of development, identifying 86 potential nearby projects across the campus to fulfill the demand of student housing.
A leader in the sector, JLL has closed over $12.6 billion in student housing transactions since 2011.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay, Managing Director Jordan Angel, Senior Director Chris Ross, Directors Teddy Leatherman and Stewart Hayes and Analyst Taylor Gimian.
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates over an estimated $200 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 693,000 units/beds, and has a robust institutional investment management platform with approximately $35.5 billion of assets under management, including over $15 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Star America Infrastructure Partners
Star America, a subsidiary of Tikehau Capital, a European listed alternative asset management and investment group with €25.7 billion of assets under management (as at 30 June 2020) and shareholder equity of €2.8 billion (as at 30 June 2020) is a U.S. headquartered developer and manager of infrastructure assets in North America. With an investor base that includes large institutional investors such as insurance companies and pension funds, among others, Star America focuses on delivering infrastructure projects primarily across the transportation, social, environmental and telecommunications sectors. Star America’s mission is to become the preferred partner in rebuilding America’s infrastructure.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $27 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 72 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. We offer national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses. To learn more about Pacific Western Bank, visit www.pacwest.com.