MIAMI, February 14, 2022 –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-rate-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 floors, stone countertops, stainless steel appliances, modern wardrobes, integrated washers and dryers, and walk-in closets. Community amenities include an outdoor swimming pool with lounge area, fitness center, yoga studio, entertainment kitchen, coffee bar, electric vehicle charging stations, rooftop garden, fitness center, business, a pool lounge, pet grooming area, bicycle storage, and 360 degree views of the Long Island Sound and New York skyline. 2,700 square feet of ground floor retail is located below the residential units.
Located at 184 Summer St., Summer House is located in the center of Stamford CBD and close to the Harbor Point waterfront. The property is close to the Stamford Transportation Hub which provides access to the Metro-North Railroad, Amtrak Acela and Regional Line and ConnDOT trains to New York, Boston and Washington DC Interstate 95 and Merritt Parkway also provide residents with easy connectivity across the city. The property is adjacent to a 20,000 square foot target and is one block from Bedford Street, which is Stamford’s premier shopping, dining and nightlife destination. The 12-acre Mill River Park is close to the community. Nearby airports include Westchester County, as well as JFK International, LaGuardia, and Newark Liberty International.
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 solid filler location and luxury finishes position it well for continued growth in Stamford’s thriving downtown submarket,” Kakar said. “The property is a great addition to Beachwold’s portfolio, and we are delighted to have helped with this funding.”
JLL offers multi-housing investors a full range of solutions through a diversified 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 nation’s largest lenders of affordable and conventional multi-unit housing and senior housing, with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE loans 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 governed by a California Finance Act license.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients – be it investment and sales advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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