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Jones Lang LaSalle Secures $35 Million Construction Financing Loan for Multifamily Development in Austin, TX

Bank of America provides construction loan for Riverview Apartments Development

AUSTIN, TX, Sept. 1, 2011 — On behalf of CDK Realty Advisors, representing a Texas public pension system, Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $35 million in  construction financing for the development of Riverview Apartments located at I-35 and Riverside, just minutes away from downtown Austin and less than five miles away from the University of Texas at Austin.  Bank of America provided the three-year loan with two, one-year loan extension options.

Executive Managing Director Mike Melody and Senior Vice President Jimmy Board of Jones Lang LaSalle’s Real Estate Investment Banking (REIB) unit led the team on this transaction.

“Multifamily developments are still a well sought after opportunity as proven by the significant interest from a number of construction lenders for this infill, class A apartment development.  With its core location along Lady Bird Lake and I-35, and plans for high-end finishes and amenity base, we were able to obtain extremely competitive pricing and terms for the Borrower,” says Board.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $43.5 billion of assets under management. For further information, please visit our website,