October 1, 2019 – JLL announced today that it has arranged $16 million in financing for The Park at Sunderland, a 268-unit, garden-style apartment community in Birmingham, Alabama.
JLL worked on behalf of Vazza Real Estate Group to originate the fixed-rate Fannie Mae acquisition loan. The 12-year loan includes five years of interest-only payments followed by a 30-year amortization schedule. Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender, will service the loan.
The Park at Sunderland is located at 660 Valley Crest Drive less than 10 miles from downtown and a two-minute drive to major employers in Northeast Birmingham, including Kamtek, Sterlite and several other transportation and manufacturing operations. The property, which underwent four years of extensive renovations that were completed earlier this year, features units averaging 951 square feet. Community amenities include two swimming pools, a tennis court, playground, picnic area with grills, clubhouse, updated fitness center, business center, internet café, coffee bar and laundry center. The property was 92% occupied at closing. Vazza Real Estate Group plans to invest another $1.4 million of additional capital into the property post-close.
The JLL Capital Markets team representing the borrower was led by Senior Director Kristian Lichtenfels.
“This is our third sizable residential acquisition in the past six months,” said Stephen F. Vazza, President of Vazza Real Estate Group. “Given the favorable credit markets, we are taking a closer look at our inventory in smaller markets where the cap rates are more attractive and supply is limited.”