JLL Capital Markets announced that it has arranged $24.375 million in acquisition financing for The Point at Biscay, formally known as Outlook Biscay, a 96-unit, Class A townhome community in Aurora, Colorado.
JLL worked on behalf of the borrower, a joint venture partnership between CentrePoint Properties and CenterSquare Investment Management, to originate the Fannie Mae loan with a 2.61 percent interest rate that is fixed for 10 years and full-term interest-only. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The Point at Biscay is located at 3382 South Biscay Way in the fast growing Seven Hills neighborhood. This area offers immediate access to shopping, dining and entertainment from several nearby retail centers and boasts one of the top performing school districts in the state. In addition, the property is convenient to major employment hubs, including the Denver Tech Center, Anschultz Medical Campus, Denver International Airport and Buckley Air Force Base.
Completed in 2019, The Point at Biscay is 98 percent leased, offering two- and three-bedroom floor plans with an average unit size of 1,210 square feet. Each unit features a two-car direct access garage and high-quality features such as quartz countertops, stainless appliances, open floor plans and full-size washers and dryers. The community amenities include a swimming pool, barbeque grilling station and dog wash.
The JLL Capital Markets team representing the borrower included Senior Directors Leon McBroom and Kristian Lichtenfels.
“We continue to see the agencies deploy very aggressive loan terms across a broad spectrum of multifamily assets,” said Lichtenfels. “Not only did the lending markets provide great initial loan options for this differentiated new construction townhome product, our team was able to tighten the interest rate further by securing a Green Globes certification prior to closing. Leon and I were thrilled with these great loan terms and how they will help CentrePoint, CenterSquare and their investors secure a most favorable return.”
JLL delivers multihousing 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 multihousing 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.
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.