Next Wave Investors refinances Westover Parc apartments for $21.285M
JLL Capital Markets arranged financing for the multi-housing Phoenix property
PHOENIX, October 27, 2020 – JLL Capital Markets announced today that it has arranged a $21.285 million refinancing for Westover Parc, a 160-unit, multi-housing property located at 6515 W. McDowell Rd. in Phoenix, Arizona.
JLL worked on behalf of Next Wave Investors to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
The Westover Parc apartments consist of one-, two- and three-bedroom units ranging from 792 to 1,190 square feet. The gated community also features barbecue grills and picnic areas and a fitness center.
Conveniently located near the Papago Freeway, Westover Parc is a short drive to downtown Phoenix and various colleges and universities, including Grand Canyon University, Phoenix College and Glendale Community College. Additionally, the apartments are proximate to various shops and dining options, such as the Desert Sky Mall.
The JLL Capital Markets team representing the borrower was led by Senior Director Jamie Kline and Analyst Charlie Vorsheck, along with Phoenix Director Tim Brousse.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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.
About Next Wave Investors
Next Wave Investors, LLC (“Next Wave”) is a Southern California-based private equity investment firm with a specialized focus in value-add multifamily investments throughout the Western United States. With more than $225 million in acquisitions to date, Next Wave is exceptionally skilled in identifying well-located, underappreciated properties where the firm can create value through professional operations and capital improvements.