JLL Capital Markets announced that it has arranged refinancing for Westridge Gardens, a 136-unit multihousing 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 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.