JLL Arranges $62M Loan for Mixed-Use Community
The financing for The Daley at Shady Grove in Rockville, MD was secured on behalf of Black Creek Group.
ROCKVILLE, MD – JLL Capital Markets has arranged a $62 million loan for the residential and retail community, The Daley at Shady Grove in Rockville, MD.
The seven-year, fixed-rate loan, placed with a life company lender, features interest-only payments for half of the term and a 3.20% rate. The firm arranged the financing on behalf of Black Creek Group.
The Daley at Shady Grove comprises 333 multifamily units and nearly 15,000 square feet of ground floor retail, anchored by Starbucks. The community, located at 8010 Gramercy Boulevard near the Shady Grove metro station, is situated within developer, EYA’s master-planned community of Westside at Shady Grove.
The asset was completed in 2017 and features community amenities, such as a resort-style pool, a grilling station and a 1,750-square-foot fitness center. The property’s units average 831 square feet and offer stainless steel appliances, walk-in closets, washers and dryers and keyless entry.
The JLL Capital Markets team of senior director, Jamie Leachman, senior managing director, Eric Tupler and managing director, Josh Simon, represented the borrower in the transaction. Co-brokerage services were provided by Jones Lang LaSalle Americas, Inc.
The deal was secured by Holliday Fenoglio Fowler LP (HFF), prior to being acquired by JLL on July 1, 2019.
Black Creek Group is a Denver-based real estate investment manager and development firm. The company employs more than 300 professionals and occupies nine offices throughout North America. The firm has bought or built more than $19 billion in investments since its founding.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm employs more than 3,700 capital markets specialists worldwide with offices in nearly 50 countries.
JLL is a professional services firm that specializes in real estate and investment management. The Fortune 500 company currently operates in more than 80 countries, with a workforce of more than 93,000 professionals and an annual revenue of $16.3 billion.