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| Mona Carlton |
DALLAS, TX, May 18,
2020 – JLL Capital Markets
announced today that it has arranged a $181.54 million refinancing of four
apartment communities totaling 1,489 units located around the Dallas area in
North Texas.
JLL worked exclusively on behalf of the borrower, affiliates of
Deerfield, Illinois-based Orion Residential Advisors (“Orion”), to secure four
10-year, fixed-rate loans through Freddie Mac.
 |
| Kristopher Lowe |
The new
loans refinanced four variable-rate Freddie Mac acquisition loans that the deal
team originally secured on Orion’s behalf in 2016.
The properties in the portfolio are Orion McKinney, a 453-unit
community located in McKinney; Orion McCord Park, a 416-unit community located
in Little Elm; Orion Prosper, a 312-unit community, and Orion Prosper Lakes, a
308-unit community, both located in Prosper.
The properties were completed between 2008 and
2012 with an average unit size of 883 square feet across the portfolio.
The properties feature modern common area amenities,
including resort-style pools, fully equipped fitness centers, outdoor entertaining
areas and inviting club rooms, as well as access to nearby parks and jogging
trails.
 |
| Dan Gumbiner |
“The refinance was critical to our long-term strategic plan for
the portfolio,” said Orion President and CEO Dan Gumbiner, who led the
effort on Orion’s behalf.
“We were determined to complete the transaction
despite the current environment. Both JLL and Freddie Mac stood by us and
completed the refinancing as originally contemplated. We could not be more
pleased with the outcome,” concluded Gumbiner.
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: U.S.
newsroom.
Contact:
Kristen
Murphy
JLL Senior Manager
Public
Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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