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JONES LANG LASALLE INCORPORATED

(JLL)
  Report
Delayed Nyse  -  04:00 2022-09-23 pm EDT
153.34 USD   -1.65%
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Jones Lang LaSalle Incorporated : Financing secured for Massachusetts multi-housing development

07/20/2022 | 10:44am EDT

BOSTON, July 20, 2022 - JLL Capital Markets announced today that it has arranged the construction financing for Center & Stone, a 201-unit, two-building multi-housing project with 9,500 square feet of retail space and 10,500 net square feet of amenity space in Quincy, Massachusetts.

JLL represented the borrower, FoxRock Properties, to secure the construction loan through Citizens Bank.

Upon completion, Center & Stone will include community amenities, such as a roof deck, an outdoor pool, 165 garage parking spaces and a resident lounge. Additionally, 3,000 square feet of the retail space will be leased to Citizens Bank, 6,500 square feet will be dedicated to a restaurant user and a ground-level suite will serve as a leasing and management office.

Located at 1170 and 1200 Hancock St., the property is strategically situated just steps away from the Quincy Center MBTA Red Line. In addition to public transit, the community will be easily accessible from I-93, creating a convenient commute to both downtown Boston and suburban employment. The project's proximity to Route 3 will allow residents connectivity to the coast, Cape Cod and an array of outdoor recreation options. Walkable attractions in the new and vibrant Quincy Center include restaurants, bars, multiple parks and open spaces and art galleries.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jonathan Schneider.

"The FoxRock team has designed an ultramodern, transit-oriented residential project that will have an immediate positive impact on the evolving Quincy Center," said Schneider.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Disclaimer

Jones Lang LaSalle Inc. published this content on 20 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2022 14:43:01 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 10 193 M - -
Net income 2022 883 M - -
Net Debt 2022 1 521 M - -
P/E ratio 2022 8,65x
Yield 2022 -
Capitalization 7 348 M 7 348 M -
EV / Sales 2022 0,87x
EV / Sales 2023 0,87x
Nbr of Employees 98 200
Free-Float 92,0%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 153,34 $
Average target price 253,57 $
Spread / Average Target 65,4%
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Managers and Directors
Christian Ulbrich President, Chief Executive Officer & Director
Karen Brennan Chief Financial & Investment Officer
Siddharth N. Mehta Chairman
Allan Frazier Global Chief Information Officer
Benjamin Breslau Chief Research Officer
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