JLL Arranges Construction Loan for Buffalo Mixed-Use
JLL Capital Markets recently arranged approximately $26 million in construction financing for Heritage Point, a mixed-use multifamily development located at 120 Main St. in Buffalo, NY. Working on behalf of the borrower, Sinatra & Company, JLL structured a layered capital stack that includes a $14.8-million senior construction loan from national lender X-Caliber and $11.2 million of C-PACE financing from its affiliate, CastleGreen Finance.
The JLL Capital Markets team was led by managing director Jillian Mariutti. “This transaction highlights how C-PACE financing can be a critical tool in today’s capital markets environment,” said Mariutti. “By incorporating long-term, fixed-rate capital into the stack, we were able to enhance proceeds, improve execution certainty and deliver a more efficient overall cost of capital for the borrower.”
Heritage Point will feature two six-story properties with 61 residential units and approximately 30,000 square feet of commercial space. Delivery is expected in the third quarter of 2027.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout