JLL secures financing for The Castle in Port Chester, New York
JLL arranges $28M Fannie Mae loan for purchase of 120-unit luxury rental community from J.P. Morgan Asset Management
NEW YORK, February 24, 2020 — JLL Capital Markets announced today that it has arranged financing for the acquisition of The Castle, a 120-unit luxury rental community located at 201 Willett Avenue in downtown Port Chester, N.Y. The group worked on behalf of Anthos Properties to place the $28 million loan with Fannie Mae.
Built in 2015, The Castle is a quintessential luxury, transit-oriented apartment asset located in the heart of rapidly transitioning downtown Port Chester. Institutionally developed, maintained and owned, the property is considered a cornerstone development in Port Chester’s emerging commercial district and exhibits the highest-end institutional design and execution. The 120-unit building offers a large amenity base, prominent lobby, ground-floor retail unit and subterranean parking.
Anthos Properties acquired the luxury rental community for $38.6 million from institutional investors advised by J.P. Morgan Asset Management.
JLL’s Kelly Gaines and Sophie Gaylor represented the buyer in obtaining financing for the acquisition.
“The Castle is a Class A asset in a transit-oriented location such that lenders were able to understand and get comfortable with Anthos’ business plan to maximize the value of the property in order to provide very aggressive terms for the loan,” said Gaines. “Working in tandem with our agency lending team we were able to present Anthos a multitude of options and remain flexible amongst those options until right before closing of the loan.”
“Anthos Properties was instantly attracted to The Castle’s overall quality and best-in-class amenities package,” said Paul Anagnostopoulos, director of acquisitions for Anthos Properties. “The Castle’s location, which is less than 1,000 feet from the train station, and a quick walk to Port Chester’s emerging entertainment and restaurant scene, were also driving factors in our decision to acquire the asset.”
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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Anthos Properties
Anthos Properties is a commercial and residential real estate & property management company that is focused on developing, redeveloping, acquiring and managing quality apartment communities in emerging markets throughout the United States. Anthos’s portfolio contains 3,500 apartment homes in four states, with three new communities under construction and two communities under reconstruction.