JLL arranged $328.8M financing for Los Angeles multi-housing portfolio
The loan funds Laguna Point Properties’ acquisition of the five-property portfolio and re-entry into the Los Angeles market
SAN FRANCISCO, April 13, 2022 – JLL’s Capital Markets group announced that it has arranged $328.8 million in acquisition financing for a five-property, 1,037-unit multi-housing portfolio located in downtown Los Angeles, California.
JLL represented the borrower, Laguna Point Properties, and secured the three-year, floating-rate acquisition loan with two 12-month extension options through MF1 Capital, LLC.
The portfolio includes four historic pre-war buildings and a 1959-vintage building converted from an office asset. The portfolio properties are the 184-unit Lofts, 214-unit Main, 198-unit Manhattan, 178-unit Spring and 263-unit Tower, all of which underwent their conversions between 2007 and 2010.
“This transaction provides Laguna Point with an opportunistic scenario through which the company can re-enter the Los Angeles market,” said Garrett LaBar, Laguna Point Properties Director of Acquisitions and Dispositions. “Laguna Point believes that the timing could not be better, given the recent gains in occupancy and rent momentum in downtown LA. With employees returning to work in the area in large numbers, the portfolio is well-positioned to benefit from the increasing demand for rental housing.”
A JLL Capital Markets Debt Advisory team led by Senior Managing Director Charles Halladay, Director Jamie Kline and Associate Charlie Vorsheck represented the borrower.
“Downtown LA has seen a significant rebound in rent fundamentals,” Halladay said. “MF1 Capital, LLC and Laguna Point found an incredible opportunity to partner together and take advantage of this positive momentum in the urban core.”
The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Laguna Point Properties
Laguna Point Properties is an Orange County-based multifamily investment company with a national ownership footprint. The company has acquired over 9,000 units and continues to purchase value-add and core-plus assets in the Western U.S. and Florida. For further information, please visit laguna-point.com.