Relative Properties refinances Yardley Crossing and RiverQuick apartments
JLL Capital Markets arranges loan for the two multi-housing communities in Philadelphia
PHILADELPHIA, PA., September 3, 2020 – JLL Capital Markets announced today that it has closed the refinancing for the Yardley Crossing apartments located at 1800 Kathy Dr. and the RiverQuick apartments located at 157 S. Delaware Ave. in Yardley, Pennsylvania.
JLL worked on behalf of the borrower, an affiliate of Relative Properties, LLC, to secure the 10-year, fixed-rate conventional loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Yardley Crossing consists of one-, two- and three-bedroom apartments, totaling 196 units. The property offers a clubhouse, fitness center, outdoor lounge with a firepit and BBQs, pool area, sports court and a playground. In-unit amenities include gourmet kitchens with stainless steel appliances, granite countertops, hardwood floors, spacious closets, convenient access to a washer and dryer and patios and balconies.
The RiverQuick apartments, located adjacent to Yardley Crossing, consists of 39 units on 4.5 acres in eight buildings. RiverQuick offers one-bedroom single floor units as well as two-bedroom townhouse-style units with finished basements.
Yardley has a population of 2,200 and is touted as one of the “best places to live in Pennsylvania,” being positioned along the Delaware River and New Jersey border. Yardley also offers residents a suburban feel within close proximity to downtown Philadelphia and is filled with various shopping, dining and parks.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Ryan Ade, Managing Director Jamie Leachman and Vice President Travis Hess.
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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About JLL
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 Relative Properties, LLC
The company is a fully vertically integrated multifamily platform. Devin Aronstam and Paul Aschkenasy, the two Managing Partners of the company, have a combined 43 years of experience in real estate and finance. Through its shared infrastructure with its commercial affiliate, Blank Aschkenasy Properties, Relative has extensive capabilities in all phases of real estate operations including; Acquisitions, Asset Management, Property Management, Development and Construction Services. The Company is focused on creating superior returns for its investors while creating “best in breed” apartments for its residents. This is accomplished by acquiring well-located properties with value-add opportunities, which may include unit renovations, improvement to amenities and more hands-on management.