JLL arranges $57.5M financing for luxury apartment community
JLL secures loan for Latitude 37, a two-phase, 172-unit luxury mid-rise apartment community in California's Silicon Valley.
SAN DIEGO, October 16, 2019 – JLL announced today it has arranged $57.5 million in financing for Latitude 37, a two-phase, 172-unit luxury mid-rise apartment community in the Silicon Valley community of South San Jose, California.
JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate non-recourse loan through a correspondent life company lender. Loan proceeds refinanced and consolidated the two existing construction and agency loans.
Latitude 37 is located on three acres at 1255 and 1277 Babb Court in the Willow Glen submarket of South San Jose, which provides connectivity to the Bay Area via nearby Highway 87. Phase I was completed in 2012 and Phase II was completed in 2018. Each phase encompasses 86 units featuring a mix of studio through three-bedroom units averaging 1,116 square feet. Community amenities include a fully equipped fitness center, a swimming pool and spa, outdoor lounge with grilling area, subterranean parking and electric car charging stations.
The JLL Capital Markets team representing the developer was led by Senior Managing Director Aldon Cole and Analyst Daniel Pinkus.
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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com