JLL Capital Markets announced it arranged a $28.5 million acquisition financing for Alvista Willow Brook, a 180-unit multihousing property located in Meriden, Connecticut, that will now go by the name The Arlo.
JLL represented the borrower, Beachwold Residential, to secure the acquisition financing through the lender, Sound Point Capital. The Sound Point Capital team was represented by Jordan Heller and Marc Tolchin.
The Arlo was built in 2005 and has continuously received upgrades in recent years. The property consists of studio, one- and two-bedroom units boasting open and oversized floorplans. There are also 12 two-bedroom townhomes at the property. Community amenities include a clubhouse, fitness center, swimming pool, business center and dog park.
The Arlo sits at the crossroads of I-91, I-691 and Merritt Parkway, creating excellent regional access. Meriden is roughly equidistant between New Haven and Hartford, the two largest cities in Connecticut, allowing connectivity to several key employment hubs. For example, the world headquarters of both Aetna and The Hartford are roughly 21 miles away. The property is also just four miles from Meriden’s downtown area and the Midstate Medical Center, a major 156-bed acute care hospital.
The JLL Capital Markets team was led by Senior Managing Directors Elliott Throne and Mona Carlton, Vice President Alex Staikos and Director Jesse Wright.
“Beachwold was able to secure great acquisition bridge financing at a time when the capital markets started getting incredibly aggressive,” stated Staikos. “This will enable them to further enhance the asset and its value as they have done at the dozen other assets they own in the surrounding Connecticut market.”
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 deliver best-in-class solutions for clients—whether investment sales 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.