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News release

WASHINGTON, D.C.

Jones Lang LaSalle Originates $161 Million in Financing for Two Multifamily Properties in Suburban D.C.

Freddie Mac purchases mortgages made to affiliates of Bainbridge Companies and The Carlyle Group


WASHINGTON, D.C., March 15, 2012 — On behalf of Bainbridge Companies and The Carlyle Group, Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $160+ million in refinancing of existing debt for two Washington, D.C.-area properties known as The Bennington and Crystal Square. The two properties, comprised of 726 units, are located in the dynamic Crystal City submarket of Arlington, Virginia. The Crystal Square property received a $93.1 million loan, while The Bennington secured a $68.3 million loan.  Financing was originated by Jones Lang LaSalle with loans through Freddie Mac’s Capital Markets Execution program.  Jones Lang LaSalle is a licensed Freddie Mac Program Plus Seller/Servicer.

Jones Lang LaSalle’s Executive Vice President Shawn McDonald led the financing efforts.

“The strong, dependable ownership and management provided a compelling case for the long-term financing for these two irreplaceable properties.” said McDonald.
 
The 19-story, 348-unit Bennington high-rise is located at 1201 South Eads Street within walking distance to both the Crystal City and Pentagon City Metro Stations.   Amenities include a swimming pool with sundeck, business center, coffee bar, fitness center, on-site convenience store and dry cleaner, controlled access and on-site covered parking.
The 17-story, 378-unit Crystal Square high rise is located at 1515 Jefferson Davis Highway and is located adjacent to the Crystal City Metro Station. Amenities include a swimming pool with large sundeck, new rooftop health and fitness center, gaming and billiards room, rooftop terrace, The Spot: interactive cyber café, controlled access, on-site covered parking garage, conference center and 24-hour concierge.
Both properties were constructed in 1980 and received comprehensive renovations that featured upgraded unit interiors and common areas.

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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 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 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 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 $47.7 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.