JLL Capital Markets announced that it has arranged a $36.35 million refinancing for The Premiere at Eastmark, an apartment community in Mesa, Arizona.
JLL worked on behalf of the borrower, Los Angeles-Seaview Capital, to originate the 10-year, fixed-rate loan. Seaview Capital, formally PCS Holdings, is the family office of Joseph Fryzer and currently owns and operates over 1,300 units nationally with a focus on Los Angeles, Phoenix and Boston.
“We are planning to expand our footprint to over 1,000 units in greater Phoenix metro and are very excited to replicate the success we have had in Eastmark,” said Davana Fryzer, principal and head of acquisitions for Seaview Capital.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director and Head of Private Capital Debt Marc Schillinger, along with Jason Carlos, Director.
“The Premiere at Eastmark is a special asset that was perfectly built to meet tenant demand for highly amenitized luxury product in East Phoenix,” Schillinger said. “Rent growth was increasing so quickly during the transaction that we were able to lock an incredible rate during the lease-up while also taking advantage of higher rents to achieve maximum proceeds at the time of closing.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.