JLL Capital Markets announced that it has arranged over $100 million in construction financing for OAK, a transformative mixed-use development in Oklahoma City. Phase I of OAK will include 320-residential units, a 133-key locally branded hotel and 142,701 square feet of specialty retail, including RH, Arhaus and Capital Grille.
JLL represented the borrower, Veritas Development, to secure financing.
OAK will be developed in multiple phases with this first phase sitting on 11.85 acres of the overall 20-acre development. Upon completion of all phases, the community will offer 260,000 square feet of Class A office, 320 luxury residential units, 133 key boutique hotel, 250,000 square feet of first-to-market and locally curated retail, 7,000 square feet of community green space designed for outdoor concerts, wellness activities and seasonal events and miles of sidewalks weaving together the development with its adjacent, established neighborhoods.
Positioned at 5101 N. Pennsylvania Ave., the property is located at the intersection of Pennsylvania Avenue and Northwest Expressway, directly between downtown Oklahoma City and Nichols Hills. The project is catty-corner from Penn Mall Square, Oklahoma City’s leading fashion destination. Additionally, 187,629 employees are within a five-mile radius of the property.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jeremy Sain.
“JLL and Jeremy were invaluable to help us navigate one of the more challenging lending environments in several decades, said Veritas Development’s Ryan McNeil. “We’re excited to have a fully funded business plan that includes several of the best retail anchor tenants in the United States. These tenants and this project will noticeably elevate the retail and placemaking offering in one of the nation’s fastest growing cities.”
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.
