Monday, May 18, 2020

JLL arranges $181.54 million financing for Four North Texas apartment properties

  
 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 loans, which are structured to provide five years of interest only payments at a very competitive rate, will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

 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 JLL Capital Markets team representing the borrower was led by Senior Managing Director Mona Carlton and Director Kristopher Lowe.

“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


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