Westridge Gardens refinanced with agency loan
JLL Capital Markets led financing of the suburban Philadelphia garden-style community
PHILADELPHIA – October 27, 2020 – JLL Capital Markets announced today that it has arranged refinancing for Westridge Gardens, a 136-unit multi-housing property in Phoenixville, Pennsylvania.
JLL worked on behalf of the borrower, an affiliate of Relative Properties, 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.
Westridge Gardens is located at 909 Westridge Gardens Lane approximately one mile from Routes 23, 724 and 113 in the northwestern suburbs of Philadelphia. The 13-acre site is close to downtown Phoenixville offering residents an array of shopping, dining and entertainment options. Renovated in 2017, the 15 two-story residential buildings offer a mix of one-, two- and three-bedroom units averaging 986 square feet each. Each residence has a private entrance, in-unit washer and dryers and outdoor patio space. Community amenities include a swimming pool, sport court and playground.
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 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.
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, 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.
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.