JLL announced that it has arranged $8.37 million in acquisition financing for Chateau Park Apartments, a 71-unit, value-add, garden-style apartment community located near downtown Boise, Idaho.
JLL worked on behalf of the borrower, Allante Properties and Investments, to place the floating-rate bridge loan. Loan proceeds will be used to fund the acquisition and subsequent renovation of both unit interiors and the exterior of the property.
Chateau Park Apartments is situated at 333 S. Elm Street in Boise’s vibrant East Boise neighborhood. Residents are approximately one-half mile from downtown Boise and within walking distance to the Boise River Greenbelt, multiple parks, St. Luke’s Medical Center and Boise State University. Completed in 1973, Chateau Park Apartments offers a mix of one-, two- and three-bedroom units that average 913 square feet. The borrower plans on performing a full interior renovation of all the units, including bathroom and kitchen upgrades. The borrower is also planning extensive external renovations, including updating the leasing center, clubhouse, laundry facilities, landscaping, outdoor pool and other common areas. Additional property amenities such as barbeque grills and bike racks will be installed.
The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe.
“We’re excited to close the first of many acquisitions in the Boise market,” said Jordan Meylan, director of Finance and Acquisitions for Allante Properties and Investments. “Not only are the fundamentals very attractive from an investment standpoint, we continue to forge high quality relationships with real estate and construction professionals.
Brock Yaffe and the JLL team advised us brilliantly and sourced very attractive bridge financing for us to execute on the acquisition and renovation of the asset,” Meylan continued. “Tanner Leighton with The Mike Brown Group represented us on the transaction and has been instrumental in connecting us with the right ‘boots on the ground’ in Boise. We have several other opportunities we’re presently pursuing – both value-add and ground-up – and look forward to future successful projects for Allante Properties and Investments and our strategic partners.”
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.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Allante Properties and Investments
Allante Properties and Investments is a Denver-based real estate development and investment company with approximately $32 million in equity raised and over $100 million in total development and acquisitions since inception in 2012.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.