JLL Capital Markets announced that it arranged $59.95 million in construction financing for the Union on Broadway student housing and retail development located at 476 E. Broadway St. in Eugene, Oregon, and a $81.67 million construction loan for the Lakeview student housing project at 4126 12th Ave. N.E. in Seattle, Washington.
JLL worked on behalf of the owners of borrower Greystar and Star America to secure the two loans with Pacific Western Bank. JLL also represented Greystar to secure JV equity and instigate the partnership for both transactions with Star America.
The Union on Broadway development will consist of 357 units, with 608 beds and averaging 561 square feet, with the full development about 338,130 square feet sitting on 1.1 acres. When complete, units will be fully furnished, contain private bedrooms and bathrooms, have in-unit washers and dryers and will include Internet. Community property amenities include a premium fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, firepits and grills. There will also be ground retail with outdoor seating.
A major economic driver in the local community, the university is headed toward a $3 billion target in fundraising for its Phil and Penny Knight Campus for Accelerating Scientific Impact, allowing more funds for the program and faculty and administration recruitment, and has invested $250 million into student athletic facilities.
Located 500 feet from the University of Washington, the Lakeview development will provide 226 (597 beds) studio, two-, three- and four-bedroom units for individual and double occupancy rooms, ranging from 390 to 1,147 square feet. The development will total 20,610 square feet and contain amenities such as study lounges, a premium indoor fitness center, enclosed bicycle room, outdoor deck with fitness equipment, library with study rooms, sky lounge with a media center and more.
This development is complimentary of the university’s recent 2019 Campus Master Plan that promotes 6 million new gross square feet of development, identifying 86 potential nearby projects across the campus to fulfill the demand of student housing.
A leader in the sector, JLL has closed over $12.6 billion in student housing transactions since 2011.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Charles Halladay, Managing Director Jordan Angel, Senior Director Chris Ross, Directors Teddy Leatherman and Stewart Hayes and Analyst Taylor Gimian.
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.