JLL Capital Markets has arranged acquisition and construction financing for a 540-unit multi-housing portfolio consisting of four properties located throughout Hudson Valley.
JLL worked on behalf of Aker, Baxter, and Pearlmark to secure the acquisition and construction loan through Ready Capital. The initial loan funding was $65,675,000 plus an additional $12,975,000 of future funding.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck; Managing Directors Scott Aiese and Rob Hinckley; Senior Director Marko Kazanjian; Vice Presidents Alex Staikos and Nicco Lupo and Analyst Andrew Cohen.
Located in the center of the Hudson Valley, the multi-housing portfolio comprises of four properties in and around Kingston, NY. “The sponsorship team is from the Hudson Valley and they are working directly with the community to bring back quality workforce housing to the area,” said Kazanjian.
“The portfolio provides housing for the expanding economy as a result of a multi-year migration to the Hudson Valley that is now being accelerated by COVID-19,” said Aiese.
“Current market dynamics have deepened rental demand throughout the Hudson Valley, and these properties have enormous appeal to those seeking alternatives to New York City that offer high-end amenities and a dynamic community of restaurants and retail.”
Picture top: Lakeshore Villas, Port Ewen, N.Y.