Jones Lang LaSalle Secures $121.5 Million Acquisition Financing for Coronado Bay Club

Jones Lang Lasalle’s (JLL) Capital Markets  experts today announced the firm has secured $121.5 million in acquisition financing for the purchase and renovation of the marquee multifamily waterfront property known as Coronado Bay Club in San Diego. Alliance purchased the property through a joint-venture partnership with a large institutional investor for $160MM+, which JLL closed on behalf of LaSalle Investment Management.  MetLife Real Estate Investors provided the 5 year floating-rate financing for the acquisition and renovation of the property.  The sale is expected to be one of the largest on the California coast in 2013.

Managing Director Denny St. Romain and Executive Vice President Reid McGlamery led the JLL team on this financing, while Executive Vice President Darcy Miramontes, Vice President Kip Malo, International Director Jubeen Vaghefi and Managing Director David Young led sales efforts.

“San Diego remains an attractive market for buyers and lenders alike. It is an excellent time to take an already top-performing, lucrative asset and add to its value through creatively-structured financing,” said St. Romain.

"We are very pleased with our purchase of this one-of-a-kind property and its amazing waterfront location,” said Jeff Zuckerman, Alliance’s CFO for the Western region. “With this $160MM+ asset, Alliance's Southern California division has capitalized more than $1B in value-add acquisitions and developments during the current cycle and furthered our robust infrastructure. We will continue to actively pursue additional investment opportunities throughout the region."

Coronado Bay Club is an 18-building, three-story apartment community, located on the bay across from downtown San Diego in the affluent community of Coronado. It offers unobstructed views of downtown San Diego, the Coronado Bay Bridge and San Diego Bay from select units, and an abundance of onsite amenities. The amenities include: tennis courts, state-of-the-art fitness center, resort-style pool, spa, saunas and locker rooms, dog park, picnic area with barbecues, 18,000-square-foot clubhouse, meeting rooms, business center, catering kitchen, media room, on-site beauty salon and garage parking.

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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

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