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| Greg Nalbandian |
DALLAS, TX – JLL Capital Markets
announced it has arranged a $49.1 million refinancing for the Millennium at
Hometown, a to-be-completed, Class-A, multi-housing project comprising 306
apartments and 11,697 square feet of retail located at 6021 Parker Blvd. in North
Richland Hills, Texas.
JLL worked on behalf of the borrower,
Sovereign Properties, to secure the floating-rate loan with Asia Capital Real
Estate (ACRE). Construction is nearing completion with the first building
projected to TCO in December 2020.
The development is in the burgeoning North Richland Hills
submarket at the intersection of Grapevine Highway and Precinct Line Road.
This
submarket has seen a total rent growth of 30% since 2010, all while maintaining
average occupancy of 94%. The area has also become a robust employment hub,
with over 70,000 residents, 1,200 businesses and 30 major employers, including
a surge in headquarter set ups from companies like Tyson and XPO Logistics.
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| Jesse Wright |
According to JLL, this bridge loan was signed up during the
height of the COVID pandemic, illustrating the strength of the multi-housing
capital markets and the liquidity that continues in this sector for
well-conceived projects during highly challenging macro climates.
“We pride ourselves on our ability to provide institutional
developers the liquidity needed to execute on their business plan, especially
in tough market environments,” said Daniel Jacobs, Head of Origination
at ACRE.
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| Daniel Jacobs |
“JLL was instrumental in structuring this deal, and we are confident that it will set Sovereign Properties up for success at Millennium Hometown.”
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visit our newsroom.
Contact:
Natalie Passarelli
JLL Senior Associate
Public Relations
Phone: +1 (224) 477-7307
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