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News release

SEATTLE, WA

Jones Lang LaSalle Seeks $110 Million in Financing for Seattle Multifamily Properties

Loan will collateralize two prime, well-sponsored multifamily properties


SEATTLE, April 12, 2012 — Jones Lang LaSalle (NYSE: JLL) Capital Markets experts today announced the firm is seeking  $110 million in financing for two multifamily properties on behalf of  Fairfield Residential Apartments LLC. The properties, called The Reserve and The Sanctuary, total 880-units and are located in Renton, Washington. The borrowers are seeking a fixed-rate non-recourse loan, with a 7-10 year term.
 
Executive Managing Director Tom Fish, Managing Director David Young, Executive Vice President Holly Minter and Vice Presidents Catherine Justice and Chris Farrar are leading the Jones Lang LaSalle team on this financing.

“The Reserve and The Sanctuary represent a sizable investment in a multifamily loan with very strong sponsorship from Fairfield Residential Apartments LLC, which has more than 60,000 units under management in the Pacific Northwest,” said Fish.  “We expect a great deal of interest from lenders eager to expand their portfolios in the Pacific Northwest.”

“Puget Sound has one of the most dynamic real estate markets in the country, with one of the fastest growing regional economies, making it an ideal location for multifamily investments. The Renton submarket is well positioned to tighten rent as remaining concessions on lease expire in the near term,” added Young.

The five-story properties are located in The Landing, a master planned mixed-use project, and sit on a combined 7.83 acres. They were built in 2009 and 2010.  Apartment amenities include a swimming pool and spa, clubhouse, parking garages, picnic area and conference rooms.  Fairfield Residential is the current property manager of both assets.

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.
 
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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.