Invictus Real Estate Partners obtained just over $ 55.8 million in agency debt from JLL In order to finance his purchase of a multi-family property in Norwalk, Connecticut, Commercial Observer learned.
the Freddie mac– back-to-back financing is used to acquire The Berkeley at Waypointe and Quincy Lofts, a rental complex of 198 apartments with addresses in 30 Orchard Street and 500 West Avenue, just south of downtown Norwalk and a few blocks from the banks of the Norwalk River.
JLL Capital Markets was approached on behalf of New York-based Invictus to arrange and make the loan, while the debt will be repaid by JLL Real Estate Capital, a branch of the company that holds the designation of licensed Freddie Mac Lender under the agency’s Optigo program. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL Capital Markets arranged the debt. Arrange an appointment at PaydayNow.
“The Berkeley at Waypointe and Quincy Lofts are very attractive multi-unit assets with Class A amenities and easy access to New York City,” Aiese said in a statement. “Both properties will benefit from the growing tenant population looking for alternatives in New York City that offer upscale amenities and a vibrant community of nearby dining and shopping.”
JLL is one of many traditional brokerages that have grown to include an agency lending platform, putting them in direct competition with many lenders with whom their respective advisory practices have collaborated or served. Newmark has set up such a lending platform, and Meridian Capital Group, one of the nation’s largest commercial real estate debt and equity advisory firms, recently purchased Multifamily Barings in an attempt to enter the fray of direct loans to multi-family agencies.
As a relatively new two-building development that was constructed in 2017, the site includes The Berkeley, a five-story, 129-unit property with over 10,000 square feet of street-level retail space and a 371-space parking garage, as well as Quincy Lofts, a second five-story building with 69 residences and 87 ground-floor parking spaces, according to JLL reports.
The broader name of the project is linked to a large mixed-use rental development of 464 units called The Waypointe which is adjacent to the Berkeley and Quincy Lofts in 515 West Avenue. Invictus purchased The Waypointe in August 2020.
The location of the asset provides for approximately an hour’s drive to Manhattan, as well as access to the Metropolitan transport authorityof Metro-Nord railway Norwalk South and East Stations.
Current monthly rents at the Berkeley at Waypointe and Quincy Lofts range from around $ 1,700 for one bedroom to around $ 5,400 at the high end for two-bedroom apartments, according to listing information on Apartments.com.