Construction of 293-unit River Oaks development to commence immediately
SAN JOSE, CA, May 15, 2012— Jones Lang LaSalle’s (NYSE: JLL) Capital Markets experts today announced the closing of a $93 million multifamily development in San Jose, California. On behalf of San Francisco-based Bay West Development, and in conjunction with capital advisory firm Regency Capital Partners, the JLL/Regency team secured equity from affiliates of Berkshire Property Advisors, L.L.C. and construction financing from a syndication of Comerica and California Bank & Trust. The combined funds will be used to construct a luxury, tech-forward apartment community within San Jose’s famed “Golden Triangle.”
The River Oaks development, located at 199 River Oaks Parkway, consists of 293 units across a 3.69-acre site. Unit interiors will feature high-end, Class A finishes unique to the local rental market. Community amenities will include a pool, fitness center, resident lounge and more. Construction of the property is expected to commence immediately, with a delivery date of September 2013.
Jones Lang LaSalle 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Bay West Development
Bay West Development was created as the commercial development partner of San Francisco-based Bay West Group, originally founded by Bill Poland in 1979. The company’s focus is acquiring and developing quality multifamily projects throughout the San Francisco Bay Area. With nearly 30 years of development experience, Bay West Development has the bandwidth not only to survive cycles in the market but also the foresight and depth to recognize opportunities and how to create value. Bay West Development values its reputation and relationships with brokers, lenders, management companies and other local market experts, and in turn experiences a true “pulse” of the market. Lead by its principals Bill Poland, Sean Murphy and Matt Gingery, Bay West Development maintains a pipeline of additional Bay Area multifamily projects, currently various stages of development.
About Berkshire Property Advisors
Headquartered in Boston, MA, Berkshire is a vertically-integrated, national organization which focuses on multifamily real estate investment. Founded in 1969, Berkshire has been one of the nation’s most active owners and lenders in the multifamily industry, closing more than $11 billion of multifamily equity transactions and $22 billion of mortgage loans. Berkshire manages approximately 33,000 multifamily units in 30 markets and has debt investments collateralized by approximately 78,000 units, with a team of approximately 850 professionals. Berkshire delivers a broad range of investment and management services to its institutional investor clients, including acquisition of equity and debt investments, development and redevelopment services, as well as portfolio, asset and property management services. The Company’s assets under management total approximately $4.4 billion.
About Regency Capital Partners
Regency Capital Partners (RCP) is one of the industry’s premiere real estate capital advisory firms specializing in arranging debt and equity for clients ranging from regional investors and developers to some of the largest public and private real estate companies throughout the country. The firm is recognized within the industry for its integrity, creativity and determined advocacy on behalf of its clients. RCP’s unparalleled commitment to the implementation of its clients financing objectives distinguishes its strategy within the financing industry. Over the past 5 years, the principals of Regency Capital Partners have closed over $4 billion of debt and equity transactions throughout the United States.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.