JLL Capital Markets has arranged financing for the acquisition of The Castle, a 120-unit luxury rental community located at 201 Willett Avenue in downtown Port Chester, NY.
The group worked on behalf of Anthos Properties to place the $28 million loan with Fannie Mae.
Built in 2015, The Castle is a luxury, transit-oriented apartment asset located in the heart of transitioning downtown Port Chester. Institutionally developed, maintained and owned, the property is considered a cornerstone development in Port Chester’s commercial district and exhibits the highest-end institutional design and execution. The 120-unit building offers a large amenity base, prominent lobby, ground-floor retail unit and subterranean parking.
Anthos Properties acquired the luxury rental community for $38.6 million from institutional investors advised by J.P. Morgan Asset Management.
JLL’s Kelly Gaines and Sophie Gaylor represented the buyer in obtaining financing for the acquisition.
“The Castle is a Class A asset in a transit-oriented location such that lenders were able to understand and get comfortable with Anthos’ business plan to maximize the value of the property in order to provide very aggressive terms for the loan,” said Gaines.
“Working in tandem with our agency lending team we were able to present Anthos a multitude of options and remain flexible amongst those options until right before closing of the loan.”
“Anthos Properties was instantly attracted to The Castle’s overall quality and best-in-class amenities package,” said Paul Anagnostopoulos, director of acquisitions for Anthos Properties. “The Castle’s location, which is less than 1,000 feet from the train station, and a quick walk to Port Chester’s emerging entertainment and restaurant scene, were also driving factors in our decision to acquire the asset.”