$28 million refinancing secured for a newly built senior living community in Spring

JLL Capital Markets arranged a $28 million senior mortgage for The Landing at Augusta Woods, a 148-unit senior housing community in Spring, Texas.

JLL represented Harmony Communities to secure the four-year, fixed to floating rate loan from a Life Insurance Company to refinance an existing construction loan and fund additional expansion of the community.

The community is comprised of a 120-unit apartment-style complex that provides independent living, assisted living and memory care, and 28 to-be-built independent living duplex-style cottage units. The luxurious country club style facility is designed to immerse residents into an engaging community with resort-style amenities and best-in-class care services.

Spring, Texas is located just outside of The Woodlands, which is one of the nation’s premier master planned communities. It offers a unique blend of an urban neighborhood with suburban conveniences, which include prestigious residential communities and amenities. Situated on 28,000 acres, The Woodlands is located just 27 miles from the Houston CBD and 15 minutes to the north of the George Bush Intercontinental Airport.

Over the last two decades, there has been a remarkable transformation in Houston, the nation’s fourth-largest city. Houston has one of the youngest, fastest growing and most diverse populations anywhere in the world. From 2010 to 2018, Houston added 1.1 million residents, an 18.3% increase, the fastest rate of population growth among the 10 most populous U.S. metros.

The JLL Capital Markets Debt Advisory team was led by Senior Director Zane Sweet, Director Alanna Ellis and, Analysts Zach Brantley and Kyle White.

Retail expert joins JLL Value & Risk Advisory platform in Dallas

JLL’s Value and Risk Advisory platform has hired Director Jay Sterling in Dallas to join as team leads in the retail valuation practice. Sterling will report to Senior Managing Director Brett Suszek, who oversees the retail sector for the Value and Risk Advisory business in the U.S.

Sterling joins JLL from Atrium Real Estate Services, where he spent nine years as the director of the Dallas Fort Worth Metroplex appraisal team. During this time, he was involved in a variety of projects, including special purpose properties, vacant land and eminent domain transactions. In addition, he has worked with a variety of clients, including forging strong relationships with legal firms, government agencies and industry stakeholders. Sterling holds a bachelor’s degree from Southwestern University.

Financing secured for Dallas life sciences/lab redevelopment project

JLL Capital Markets has arranged financing for the redevelopment of Bridge Labs at Pegasus Park, a 135,000-square-foot life sciences/lab facility in Dallas, Texas.

JLL worked on behalf of the borrower, Montgomery Street Partners, J. Small Investments and an affiliate of Lyda Hill Philanthropies, to secure a five-year construction loan through InterBank. Additionally, JLL placed C-PACE financing with Nuveen Green Capital to complete the capital requirements for the redevelopment.

Formerly a call center, Bridge Labs is a two-story building that will be converted and expanded into a lab/R&D facility by Q3 2024, including pre-built lab spec suites and centralized lab services/amenities. This represents the first life sciences development or conversion transaction in the Dallas market and will address the urgent need for lab space in Dallas Fort Worth. Bridge Labs at Pegasus Park is already 30% pre-leased.

The property is located within Pegasus Park, Dallas’ first true biotech and life sciences campus positioned between Dallas’ Design District and the Southwestern Medical District. The campus is highly amenitized, offering tenants access to a brewery with arestaurant, and taproom, full service on-site conference center and catering, grab-and-go options, a fitness center, outdoor firepits and an indoor/outdoor lounge. The park is home to several existing academic anchors, including UT Southwestern and SMU, as well as BioLab’s first non-coastal location. Additionally, the Advanced Research Projects Agency for Health (ARPA-H) announced the launch of ARPANET-H, a national health innovation network anchored by three regional hubs. As part of the $2.5 billion initiative, the Customer Experience hub will be physically located at Pegasus Park and focus on patient access and diversity for the agency’s projects. While the other two hubs will be located in Cambridge, Massachusetts, and Washington D.C., selection of Texas firmly cements the region as an emerging life sciences market.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jim Curtin and Senior Director Andrew Gray. Jason Piering, formerly with JLL and now with Hamilton Partners team was also part of the financing team.

Office experts added to JLL’s Value and Risk Advisory platform

JLL’s Value and Risk Advisory platform has hired Nick Askew as a director in Dallas, Texas, and Tom Jeffries as an executive director in Denver, Colorado. The duo will focus on office and mixed-use value and risk advisory assignments in their respective markets as part of the group’s U.S. office sector team led by Senior Managing Director Adam Dembowitz.

Askew joins JLL from BBG, Inc. where he worked in a similar capacity performing valuations across a wide range of commercial real estate both locally in Dallas and nationally. He is an active member of The Real Estate Council Young Guns and Appraisal Institute. Askew graduated from the University of Massachusetts Amherst.

Jeffries has more than 18 years of experience in commercial real estate spanning a variety of underwriting, mortgage banking, consulting and valuation services. He spent over six years managing the Rocky Mountain region for Duff & Phelps Real Estate Advisory group servicing major institutional clients. Jeffries is a designated member of the Appraisal Institute, an accredited senior appraiser for the American Society of Appraisers and is active in the National Council of Real Estate Investment Fiduciaries (NCREIF). He holds a Master of Urban and Regional Planning degree from the University of Colorado at Denver.

Class A multi-housing asset in Dallas trades

JLL Capital Markets has closed the sale and arranged the acquisition financing for AMLI Design District, a 314-unit, Class A, mixed-use, high-rise multi-housing asset located in Dallas.

JLL represented the seller, AMLI Residential, and procured an international real estate investor as buyer, HASTA Capital. JLL worked on behalf of the new owner to secure acquisition financing through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Roberto Casas. The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Melissa Quinn and Lee Weaver, Vice President Rob Rothaug and Analyst Cristian Sieman, with an assist from the local Dallas Debt Advisory team, including Director Lauren Dow and Associate Chris Grievous.

Originally built in 2013, AMLI Design District consists of 312,806 square feet of residential space, 26,830 square feet of ground-floor retail and an expansive covered parking garage with 664 spaces. The property features studio, one- and two-bedroom units with gourmet kitchens, stainless-steel appliances, spa-style bathrooms, walk-in closets, full-size washers and dryers, quartz countertops, floor-to-ceiling windows and hardwood-style vinyl floors. Community amenities include an infinity-edge pool, a pool deck with private cabanas, premium outdoor grilling stations, a coffee bar and skyline lounge, complimentary bike rentals and personal bike storage, a pet spa, indoor and outdoor pet parks, a state-of-the-art fitness center, an executive conference room and more.

Situated at 1400 Hi Line Dr., the property sits within the Dallas’s popular Design District, which is a part of the greater Intown submarket and is best known for high-end retail shops, luxury showrooms and eclectic dining experiences. AMLI Design District is conveniently located directly off of I-35E, allowing visibility to approximately 250,000 vehicles per day and providing residents an eight-minute drive to the employment hub of downtown Dallas. Additional proximate demand drivers include Victory Park, Uptown, the Dallas Medical District and Downtown Dallas, Harwood district, the Northend redevelopment, Klyde Warren Park and Deep Ellum. The property also is just a 20-minute drive to Dallas Fort Worth International Airport.

JLL delivers multi-housing 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.

Two newly built, adjacent retail properties in suburban Austin secure acquisition financing

JLL Capital Markets has arranged the acquisition financing for two, newly built, adjacent retail properties located in the Kyle Crossing mixed-use development within the Austin suburb of Kyle, Texas.

JLL worked on behalf of the borrower, Door Capital Partners.

The Kyle Crossing mixed-use development provides space for a variety of businesses, including retail, health and wellness, restaurants and entertainment. The two retail buildings are a part of the Kyle Crossing Phase II development and are 100% occupied on a triple-net-lease basis. The 7,254-square-foot building is anchored by Chipotle and is also leased to Crumbl Cookies and Heartland Dental. The second building is 6,913 square feet and is anchored by Black Rock Coffee. Additional tenants include Spoon & Fork and Every Nails Bar.

Located at Marketplace Avenue and Kyle Parkway, Kyle Crossing Phase II is 20 miles from Austin. The buildings are walkable to 1,100 multi-housing apartments and are within proximity to a Target, Kohl’s, Petco, Ross and HEB. The Village at Kyle is across I-35 to the east and includes the 300,000-square-foot Seton Hospital with up to 600 employees and approximately 150 beds, 100,000 square feet of medical office space, a Wal-Mart Supercenter and Lowe’s. Within a five-mile radius is a population of 200,000 and an average household income of $100,000.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director CW Sheehan and Analysts Kaitlin Kane and Hunt Wood.

The Austin JLL Retail Brokerage team represented the seller.