Invictus Real Estate Partners lands $107.25M in acquisition financing for The Waypointe in Connecticut
Investment capital is still flowing into commercial real estate as an attractive asset class for investment
NEW YORK, September 23, 2020 — JLL Capital Markets announced today it has arranged $107.25 million in acquisition financing for the purchase of The Waypointe, a multi-housing property located at 515 West Ave. in Norwalk, Connecticut.
JLL worked on behalf of the borrower, Invictus Real Estate Partners, to secure the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
The Waypointe is a multi-housing development with ground-floor commercial space. The property offers 464 apartments and 56,000 square feet of retail and restaurant space. Apartments include one-, two- and three-bedroom units, and feature high ceilings, large windows, and modern design. Residential units are currently 93-percent occupied and the Class-A retail and restaurant spaces are 74 percent leased.
The property consists of two buildings with community amenities including two parking garages allowing 1,027 spaces for residents, a fitness center and an outdoor heated, salt-water pool. The Waypointe boasts a lively community, positioned along a restaurant-lined pedestrian street and open-air plaza. The complex is currently home to popular restaurants and retail options such as Barcelona Wine Bar, Colony Grill, and a JP Morgan Chase bank. The brick facade treatments and strategically-placed tower design elements add architectural interest and a historic aesthetic to the community.
Located in the heart of Connecticut’s vibrant Fairfield County, The Waypointe is one hour away from Manhattan, offers convenient access to I-95, and is minutes from the MTA’s South and East Norwalk train stations. It is also in close proximity to employment hubs like Greenwich and Stamford, CT.
“We have been an investor in the development of these Norwalk properties since 2014, and we are happy to add The Waypointe to our portfolio,” said Eric Scheffler, managing principal of Invictus Real Estate. “This acquisition is part of our business plan to acquire institutional quality, transit-oriented multi-housing properties, concentrated in key growth markets.”
The JLL Capital Markets team representing the borrower was led by Managing Director Scott Aiese, Senior Director Peter Rotchford, Vice President Alex Staikos, and Analyst Brendan Collins.
“The Waypointe is a multi-housing property offering easy access to New York City,” said Aiese. “The property is a highly attractive destination in the current environment, when increasing numbers of renters are seeking high-end amenities, abundant outdoor space, flexible commuting options and a dynamic community with restaurants and retail.”
“Properties like The Waypointe, with Class-A amenities and an ideal location are rare,” added Rotchford. “The property will benefit from the growing number of renters seeking alternatives to densely populated urban areas and a better work-life balance.”
“Multi-housing debt terms – specifically, interest only periods, leverage, and coupons – are the best I’ve seen in my career, due to record liquidity levels combined with historically low US treasury rates,” continues Aiese.
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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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.