Jones Lang LaSalle Incorporated: Funding secured for a class A multi-unit community in the suburbs of Tampa

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TAMPA, December 21, 2021 –JLL Capital Markets announced today that it has arranged an acquisition financing and joint venture investment for Creekside Apartments, a 256-unit garden-style luxury multi-unit community in the large Tampa Bay community in Bradenton.

JLL worked on behalf of the borrower, Marquette Companies, securing the five year variable rate loan with MetLife Investment Management on behalf of a client, as a lender. Additionally, JLL worked on behalf of the borrower to secure the capital of the joint venture through a large private pension fund.

Completed in 2015, Creekside Apartments offers one, two and three bedroom units averaging 1,126 square feet. The apartments include vinyl hardwood floors, walk-in closets, mahogany wardrobes, and full-size washers and dryers. The community facilities consist of a swimming pool, a fitness center, a spa, a terrace with cabanas, an indoor basketball court, a theater room, a billiard room, a car wash, a dog park and a pet wash.

Located at 11209 Ranch Creek Terrace in Bradenton, Florida, Creekside Apartments are located 40 miles south of Tampa in the planned community of Lakewood Ranch. The 7,000 acre community includes walking trails, trails, lakes, nature reserves and parks. In addition, Lakewood Ranch provides immediate access to employment for 17,400 employees in 1,870 companies from a wide range of industries, including technology, insurance and education.

The JLL Capital Markets Advisory team representing the sponsor was led by Managing Director Matthew Schoenfeldt, Senior Managing Director Elliot Throne, Managing Director Drew Jennewein and Analyst Medina Spiodic.

“We are very happy to see the Marquette team revitalize this exceptional asset,” said Schoenfeldt. “These large units, complemented by resort amenities, live like single-family homes, and the targeted upgrades planned for Creekside will serve both homeowners and savvy renters well.”

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides top-notch solutions for clients, whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.

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