JLL Capital Markets announced today that it has arranged $11 million in refinancing for the Palm Court apartments located in Wellington, Florida, west of Palm Beach.
JLL worked on behalf of the borrower, ABC Realty, a NYC- and Miami-based full service real estate investment firm headed by David R. Topping and Alan E. Fisher, to originate the fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Palm Court, which totals 112 units, features newly renovated two-bedroom options and includes black or stainless-steel appliance packages and upgraded fixtures, spacious closets and granite countertops. Residents enjoy community amenities such as a basketball court, renovated pool with umbrellas, tennis court, bark park, playground, putting green for the golf enthusiast, fitness center and picnic area with gazebo seating.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Elliott Throne and Evan Pariser.
“The Borrower has spent the last 10 years working to offer a great community to its residents and with this refinance has positioned themselves effectively for the next decade,” stated Throne.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 sales 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.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
About ABC Realty
Founded over 30 years ago, ABC Properties (“ABC”) is a privately held real estate entity located in Manhattan, New York. ABC owns and manages over 7,000 residential units and over one million square feet of retail and commercial space in 185 buildings. Their investment properties are predominantly located in the New York City metropolitan area with additional properties in Alabama, Arizona, California, Connecticut, Florida, Indiana, Pennsylvania, Michigan, New Jersey, and North Carolina. ABC’s principals are among the pioneers of the commercial condominium business in Manhattan, having sponsored a 130,000 square foot commercial condominium development in the SoHo submarket. ABC is active in Florida and acquired several projects in the state.
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 $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
