BOSTON– JLL Capital Markets announced that it has closed the $29.15 million sale of and arranged the $18.288 million in first mortgage acquisition financing for Chases Ocean Grove, a 19.2-acre piece of land that is encumbered by 277 individual ground leases improved with seasonal cottages located within Cape Cod in Dennisport, Massachusetts.
JLL represented the seller, Chases Ocean Grove, and procured the buyer, Old Wharf Dennis LLC. Additionally, JLL and Faros Properties worked on behalf of the new owner to secure the five-year, fixed-rate loan through Webster Five Cents Savings Bank.
Situated at 217, 218, 220, 230, and 241 Old Wharf Rd., the property offers 1,000 feet of beach front access along Nantucket Sound on the south side of Cape Cod. The property is in Dennisport off of Route 28, providing easy access to other locations on Cape Cod. Dennisport is a census-designated place (CDP) within the town of Dennis, a village located in Barnstable County. It shares a western border with West Dennis, and West Harwich lies directly to Dennisport’s east. Route 6, the Cape’s main throughway, is just a short distance away. The property is strategically located amongst many key amenities, including a Shaw’s, a Library, Cape Cod Hospital, Handkerchief Way Beach and Haigis Beach.
The JLL Capital Markets Investment Sales and Advisory Team was led by Managing Directors Martha Nay and Alan Suzuki, Senior Director Matt Enright and Director Kellie Coveney. The JLL Capital Markets Debt Advisory team was led by Senior Director Jonathan Schneider.
“This trade is a strong example of a buyer who recognizes the specialness of Chases Ocean Grove,” Nay said. “The seller has taken great care of the asset, fostering community over many decades. The buyer saw how unique the asset was and jumped at the opportunity to be a part of this irreplaceable asset. We are grateful the buyer trusted JLL with this incredible asset and transaction.”
