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News release

ORLANDO,FL

Jones Lang LaSalle Secures $29.25 Million Permanent Financing for the Aqua at Millenia in Orlando

Orlando multifamily demand surges, as population increases and vacancy rates fall


ORLANDO, July 23, 2012 — On behalf of Schrimsher Properties, Jones Lang LaSalle today announced the firm’s Capital Markets experts have secured $29.25 million in permanent financing for Aqua at Millenia, a Class A apartment complex located at 5451 Millenial Lakes Boulevard, Orlando, Florida. Freddie Mac has contracted to purchase the 10-year, fixed-rate loan for the complex, which is located in one of the fastest growing submarkets in Florida.

 
Managing Directors Denny St. Romain, Jubeen Vaghefi and Jeff Morris led the Jones Lang LaSalle team on this transaction.

“Schrimsher Properties strong sponsorship and long-standing acquisition and development track record appealed to a wide range of lenders,” said St. Romain. “We are seeing strong multifamily growth and development in Central Florida, with a robust economic outlook.”
 
The 329-unit, Aqua at Millenia was completed in 2009 and is in excellent condition.  The property is adjacent to the 1.1 million square foot Mall at Millenia. The property is currently 95.6 percent occupied. Community amenities include: a fitness center, pool, spa, outdoor kitchen and grilling area, business center, car care center, 22-seat theater, coffee bar and a billiard and game room. 
 
Florida was the third fastest growing state in terms of population between 2000 and 2011, adding more than 3.07 million people. Since 2000, the population within a one-mile radius of the Aqua at Millenia has nearly doubled, growing a 7.6 percent annually over the period. Orlando has sound long-term growth fundamentals, underpinned by continued expansion of medical and tourist related sectors, above average population and job growth, and relatively affordable housing. Orlando’s vacancy rates have steadily declined, falling to 8.3 percent leading to a surge of absorption over the past several years. The slowdown in supply has led to one of the strongest vacancy recoveries in the country.
 
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 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.

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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 $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.