JLL brokers sale of affordable housing development in Bolingbrook May 5, 2021
JLL Capital Markets announced today it has closed the $93.5 million sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a southwest Chicago suburb.
JLL represented the seller, Jackson Square Properties, to complete the sale to the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL also worked on behalf of Alliant Strategic Investments and Nuveen to secure the acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Buyer will maintain the affordability requirements on all units through 2036.
Cresset Partners and Diversified Real Estate Capital Establish Partnership
This partnership formalizes an already-successful relationship, creating a multi-asset real estate platform with deep experience and expertise
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CHICAGO, April 28, 2021 /PRNewswire/ Cresset Partners and Diversified Real Estate Capital announced today the formation of a partnership of their real estate groups, expanding Cresset s real estate investment platform. The partnership formalizes and builds upon the existing relationship between Cresset and Diversified, which has successfully sourced, structured, capitalized, and executed on $1.6 billion in real estate projects since 2019. Together, Cresset and Diversified currently have 13 conservatively financed buildings under development nationally.
Construction has already begun on a 148K SF retail space that will serve as the anchor tenant for the mixed-use development.
The Grid is being developed by StreetLevel Investments and joint venture partner Provident Realty Advisors. Construction of the 192-acre mixed-use development began in 2018 and will be completed in multiple phases.
Some of the offerings include 350K SF of retail, restaurant and entertainment concepts; 2,400 residential units; 500K SF of creative office space; multiple hotel brands and concepts; a health club; a network of pocket parks, jogging and bike trails; and activated public space. Architecture firm Gensler and landscape architecture company TBG are consultants on the project.
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Lument Named Top FHA Lender in 2020
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NEW YORK, April 15, 2021 /PRNewswire/
Lument, a national leader in multifamily and seniors housing finance, announced today that it was named the top-ranked FHA lender in the United States by both volume and loan count for calendar year 2020. The Commercial/Multifamily Annual Originations Rankings are compiled annually by the Mortgage Bankers Association. The firm originated 388 FHA transactions totaling $5.8 billion, an increase of 74% over its top-ranked 2019 FHA volume of $3.34 billion[1]. The FHA financing program has long been a favorite of our clients, providing ample benefits to borrowers across the entire affordability and acuity spectrum, said James Flynn, CEO of Lument. Given the challenges posed by the pandemic, the substantial increase in volume over the past year is a testament to the strength of our recently combined organization, as well as our partnership with HUD and the effectiveness