JLL arranges $110M loan for 12-property portfolio

NEWPORT BEACH, Calif., November 18, 2019 – JLL announced today that it has arranged $110 million in acquisition financing on behalf of Boardwalk Investments Group for a 12-property portfolio of primarily Class A anchored and high street retail property in Newport Beach, Laguna Beach, Yountville and Corona Del Mar, California.

JLL placed the three-year, floating-rate loan with two one-year extension options with H.I.G. Realty Partners.

Key assets within the portfolio include a CVS-anchored shopping center located at 30814-30936 Pacific Coast Highway in Laguna Beach; a Pavilions-anchored shopping center located at 3100-3152 Newport Blvd. on the Balboa Peninsula in Newport Beach; a high-street retail shopping center located at 2902 West Coast Highway in Newport Beach; a fine dining retail asset located at 6725 Washington Street in Yountville (Napa); and multiple coastal assets in Newport Beach.

The JLL Capital Markets team representing the borrower was led by Senior Director John Chun, Director John Marshall and Analysts Sam Godfrey and Jake Fideler. Michael Mestel, managing director, ran the transaction on behalf of H.I.G.’s real estate credit fund.

“Our client approached us with a complex transaction on a short closing timeline,” Chun said. “JLL was able to run a competitive bidding process in less than a week and obtain attractive bridge financing with certainty of execution while streamlining their future debt needs.”

“Boardwalk Investments Group is excited to announce two strategic Class A retail acquisitions in Laguna Beach and Napa, as well as refinance a portion of our portfolio,” said Tom Lam, Managing Director of Boardwalk. “Both JLL Capital Markets and H.I.G. provided best-in-class execution and we’re positioned to continue to scale our platform and pursue trophy-quality assets across coastal California.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Boardwalk Investments Group acquires, owns and manages Class A retail, multifamily and office properties in Coastal California. Boardwalk is the privately-held commercial real estate investment firm of Gary Jabara, founder of Mobilitie – the largest privately held owner of wireless infrastructure in the U.S. Tom Lam, as Managing Director of Boardwalk, leads the firm’s acquisition, asset management and leasing efforts.

H.I.G. Realty Partners is the real estate platform of H.I.G. Capital, a leading global private equity and alternative assets investment firm with over $31 billion of equity capital under management, and manages $2.6 billion in capital commitments focused on small-to-mid cap real estate assets. H.I.G. Realty Partners targets both equity and debt investments across the all property types located through the U.S. and Europe. Debt investments include senior bridge loans, mezzanine loans and preferred equity collateralized by transitional properties and portfolios.