SAN FRANCISCO, FL - JLL Capital Markets announced today that it has arranged $19.11 million in acquisition financing for the Berkshire Laurel Creek garden-style multi-housing property in the San Francisco Bay Area.
JLL worked on behalf of the borrower, Glencrest Group, to secure the 10-year, 2.75% fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. This marks Glencrest Group’s fourth property acquisition since its founding last year. The seller, Berkshire Residential Investments, was represented by Institutional Property Advisors (IPA).
Located at 2751 Peppertree Dr. in Fairfield, in the North Bay part of the San Francisco Bay Area, Berkshire Laurel Creek consists of 106 studio, one- and two-bedroom apartments and is 97% occupied. Community amenities include a clubhouse, fitness center, spa and pool, all renovated in the last two years.
Fairfield is home to various wineries and breweries, golf courses, premium outlet shopping and outdoor recreational and is home to Travis Air Force Base and a few miles from the growing Vacaville biotech corridor.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Charles Halladay and Peter Smyslowski and Associate Jonah Aelyon.
“Despite the challenging environment, the Glencrest principals continue to demonstrate a keen ability to source transactions that offer investors a compelling risk adjusted return,” said Smyslowski.
“Laurel Creek Apartments is a great addition to our growing Generations portfolio which is designed around long-term ownership by individual investors. We are also pleased to have closed this transaction without renegotiation or delay during these uncertain times, a testament to the experience of our lending partners, Generations Network equity investors, IPA and the Berkshire team,” said Mike Bergelson, Managing Partner, Glencrest Group.
The IPA team representing the seller includes Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia.
“Laurel Creek Apartments represents a compelling, long-term investment for the Glencrest Group,” said IPA Executive Managing Director Salvatore Saglimbeni. “The property’s low-density setting (18 units per acre) in a quaint residential neighborhood, combined with the community’s spacious, home-like floor plans with future upgrade potential, ideally suit today’s work-from-home renters focused on suburban markets.”
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.
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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.