$20.44M refinancing secured for multi-housing community in southern Connecticut

NEW YORK, Oct. 28, 2021 – JLL Capital Markets announced today that it has arranged a $20.44 million refinancing for 510 Main Apartments, a 214-unit multi-housing community in East Haven, Connecticut.

JLL worked on behalf of the borrower, Beachwold Residential LLC, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

510 Main Apartments comprise studio and one-bedroom units ranging from 425 to 482 square feet. Units feature air conditioning, balcony/patio, dishwasher, walk-in closets and extra storage. The community offers picnic area with barbeque, Wi-Fi resident lounge, fitness center, coffee bar and package acceptance.

The community is strategically located in proximity to various retail and shopping nodes. As a result of the 510 Main Apartments being located directly off of Main Street, one of the major throughfares in East Haven, the property is directly across from Hobby Lobby, Big Lots, TJ Maxx & HomeGoods. Additionally, the property is located approximately 1.5 miles west of the Trolley Square Shopping Center which is home to tenants such as: People’s United Bank, Stop & Shop, Subway, Supercuts, Koi Sushi and the United States Postal Service.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Elliott Throne, Mona Carlton, Vice President Alex Staikos and Director Amit Kakar.

“Beachwold has experienced tremendous success with this asset through continued re-investment and excellent management, enabling them to significantly add value to the property over a 10-year-plus period,” said Kakar. “This refinance with Freddie Mac enables them to capitalize on historically low interest rates and positions the property well for continued success on a go-forward basis.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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