JLL Capital Markets announced that it has arranged $64 million in acquisition financing for Summer House, a 227-unit, high-rise apartment community located in downtown Stamford, Connecticut.
JLL worked on behalf of the borrower, Beachwold Residential, to secure the 10-year, full-term interest only, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Built in 2016, the 22-story building features studio, one-, two-, and three-bedroom units with city and water views, wood plank flooring, stone countertops, Stainless steel appliances, modern cabinetry, in-unit washers and dryers, and walk-in closets. The community amenities include an outdoor pool with lounge area, a fitness center, a yoga studio, an entertainment kitchen, a coffee bar, electric vehicle charging stations, a rooftop garden, a business center, a billiards lounge, a pet grooming area, bicycle storage and 360-degree views of the Long Island Sound and New York City skyline. 2,700 square feet of ground-floor retail sits below the residential units.
Located at 184 Summer St., Summer House is situated in the center of Stamford’s Central Business District and is near the Harbor Point Waterfront. The property is proximate to the Stamford Transportation Center, which allows access to the Metro-North Railroad, Amtrak’s Acela and Regional line and ConnDOT trains to New York City, Boston and Washington D.C. Interstate 95 and Merritt Parkway also provide residents easy connectivity across the city. The property is adjacent to a 20,000-square-foot Target and is a block from Bedford Street, which is Stamford’s main shopping, dining and nightlife destination. The 12-acre Mill River park is within close distance of the community. Nearby airports include Westchester County, as well as JFK International, LaGuardia and Newark Liberty International.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Mona Carlton, Senior Managing Director Elliott Throne, Director Amit Kakar, Director Kenny Cutler and Analyst Josh Odessky.
“Summer House’s strong infill location and luxury finishes position it well for continued growth in the thriving downtown Stamford submarket,” Kakar said. “The property is an excellent addition to Beachwold’s portfolio, and we are thrilled to have assisted with this financing.”
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 multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. 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.
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 and sales 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.