JLL Capital Markets announced that it has arranged a $ 24.375 million acquisition financing for The Point at Biscay, formerly known as Outlook Biscay, a 96-unit Class A townhouse community in Aurora, Colorado.
JLL worked on behalf of the borrower, a joint venture between CentrePoint Properties and CenterSquare Investment Management, to create the Fannie Mae Loan with an interest rate of 2.61 percent which is fixed for 10 years and term interest only. The loan will be managed by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
The Point at Biscay is located at 3382 South Biscay Way in the fast growing Seven Hills neighborhood. This area offers immediate access to shopping, dining and entertainment at several nearby malls and has one of the top performing school districts in the state. Additionally, the property is close to major employment hubs including the Denver Tech Center, Anschultz Medical Campus, Denver International Airport, and Buckley Air Force Base.
Completed in 2019, The Point at Biscay is 98% leased, offering two and three bedroom floor plans with an average unit size of 1,210 square feet. Each unit includes a two-car direct access garage and high-quality features such as quartz countertops, stainless steel appliances, open floor plans, and full-size washers and dryers. Community amenities include a swimming pool, barbecue station and dog wash.
The JLL Capital Markets team representing the borrower included Senior Managers Leon McBroom and Kristian Lichtenfels.
“We continue to see agencies deploy very aggressive loan terms across a wide range of multi-family assets,” Lichtenfels said. “Not only did the loan markets provide excellent upfront loan options for this new, differentiated construction townhouse product, our team was able to tighten the interest rate even further by achieving Green Globes certification prior to closing. Leon and I were delighted with these excellent loan terms and how they will help CentrePoint, CenterSquare and their investors to achieve the most favorable returns.
JLL offers multi-home investors a full range of solutions through a diverse and 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 largest lenders of affordable and conventional collective housing and senior housing in the country, with comprehensive loan underwriting, asset management and loan services capabilities.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sales, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
Agency / GSE lending and loan servicing is provided by JLL Real Estate Capital, LLC, an indirect wholly owned subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are licensed under California finance law.
