Printer Friendly

JLW invests in Phoenix property.

Acting on behalf of a foreign client who launched the International Real Estate Fund (IREF) in October of last year, Jones Lang Wootton announced the funding of a $6.2 million participating second mortgage for La Palma Apartments, a 54-unit garden apartment complex located in Phoenix, Arizona.

This represents the first investment made by Jones Lang Wootton and Weil Realty Advisors of Boston for the IREF, an open-ended fund sponsored by a major offshore bank. The financing enabled The Hayman Company of Southfield, Michigan, to acquire La Palma from a major pension fund which was selling the property to obtain liquidity.

"We expect the IREF to assist experienced owners like The Hayman Company in the acquisition of similar properties from other institutions," said R. Gary Barth, a managing director of Jones Lang Wootton. "Because of its preference to invest as a participating second mortgage lender, the IREF can also assist owners and developers who need to refinance bullet loans now maturing," noted Barth.

Built in 1984, La Palma is the sixth largest apartment community in Phoenix and is currently 97 percent occupied. Amenities include four swimming pools, two indoor jacuzzis, tennis, volleyball and basketball courts, and a lighted one-quarter mile jogging track.

JLW and Weil Realty jointly manage the IREF, the fourth in a series of blind pool real estate programs sponsored by the bank. The Fund is expected to have in excess of $100 million in capital by the end of 1992 and JLW and Weil Realty are actively seeking additional participating mortgage investments in the $5 million to $10 million range. Preferred product types include existing multi-family residential properties and shopping centers anchored by strong supermarkets. There are no geographical restrictions.
COPYRIGHT 1992 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Jones Lang Wootton, La Palma Apartments, for the International Real Estate Fund
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Feb 19, 1992
Previous Article:Non-profit purchases space at 305 7th Ave.
Next Article:Douglas Elliman forms unit for investment management.

Related Articles
JLW forms consulting alliance.
JLW opens in Czechoslovakia.
Kidder Peabody renews lease.
JLW places Kidder Peabody.
Jones Lang takes helm at Port Liberte project.
Unfinished Port Liberte to sell by sealed bid.
Greenwich Office Park sold.
Powerhouse JLW brokers join the Insignia/ESG team.
Strong investment sales activity reported in NJ.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters