Refinancing secured for a Pennsylvania multi-housing community
JLL Capital Markets arranged the refinancing for the 180-unit Flats at Lansdale in Lansdale, Pennsylvania
JLL worked on behalf of the borrower, a joint venture between White Oak Partners and HIMCO, to secure the five-year, fixed-rate loan with a two-year extension through Wells Fargo.
Built in 2014, the six-building, three-story Flats at Lansdale features units with an average size of 1,053 square feet, nine-foot ceilings, oversized windows, walk-in closets, private patios or balconies, full-size washers and dryers, stainless steel appliances and granite countertops. Community amenities include a resident clubhouse, state-of-the-art fitness center, resort-style pool with sundeck, a fireside lounge, an outdoor pavilion with grill area, a gazebo, cyber lounge, a dog park, a private movie theater, yoga room, conference room and landscaped amphitheater.
Located at 1001 Towamencin Ave., the property is situated immediately off the heavily traveled I-476 and offers a short drive to the Lansdale SEPTA Station. The 1.1-million-square-foot Montgomery Mall is less than seven miles from the property, providing residents a wide array of shopping and dining options. Downtown Skippack, which is less than five miles from the property, includes a variety of restaurants and boutique shops, along with various festivals, fairs and concerts. Additionally, Temple University, The University of Pennsylvania and Drexel University are within proximity to the community.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Jamie Leachman, Senior Director Paul Smith and Associate Medina Spiodic.
“JLL is honored to have worked with White Oak Partners and HIMCO on the refinancing of Flats at Lansdale,” Smith said. “The joint venture navigated an acquisition during the height of the pandemic and successfully completed a repositing of the asset. Securing attractive long-term financing will help ensure that the residents of Lansdale will have a best-in-class housing option for years to come.”
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 and sales 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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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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About White Oak Partners
White Oak Partners is an experienced owner-operator specializing in institutional-quality multifamily housing. Based in Columbus, Ohio, White Oak has acquired over 16,000 multifamily units since inception, with a market value in excess of $3.0 billion, under the direction of its leadership team, which averages over 25 years of experience. White Oak builds on the track record of its Founder, Michael J. Menzer, who owned and managed approximately 100,000 multifamily units in 47 states while building his prior multifamily firm, Paramount Financial Group, from 1987 to 2004.