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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.
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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
Words:283
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