At a glance
- JLL represented the seller, Hercules Development Partners, in the sale.
- JLL also arranged a five-year, $54.275 million acquisition loan through Freddie Mac, according to the report.
- The loan equals 65% of the sale price, which works out to roughly $360,000 per unit.
JLL Capital Markets arranged the $83.5 million sale of The Dylan, a 232-unit apartment community in Hercules, to Interstate Equities Corporation, Connect CRE reported. JLL represented the seller, Hercules Development Partners, in the sale.
JLL also arranged a five-year, $54.275 million acquisition loan through Freddie Mac, according to the report. Connect CRE describes the debt as acquisition financing for the buyer.
The loan equals 65% of the sale price, which works out to roughly $360,000 per unit. That is a plain-vanilla leverage point for a Freddie Mac-backed multifamily trade of this size, and it leaves Interstate Equities with an equity check in the low $30 million range if no other capital sources are involved in the deal.
The JLL team on the transaction included senior managing directors Ryan Wagner, Brandon Geraldo and Matt Kroger, per Connect CRE.
| Item | Detail |
|---|---|
| Buyer | Interstate Equities Corporation |
| Seller | Hercules Development Partners |
| Asset | The Dylan, 232 units, Hercules |
| Sale price | $83.5 million |
| Acquisition loan | $54.275 million, five years, Freddie Mac |
| Broker | JLL Capital Markets |
Reported by the Deals desk from Connect CRE. Published . Corrections