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Multifamily sector remains prime target for financing and investment
SEATTLE, Oct. 15, 2012 — Jones Lang LaSalle Capital Markets experts today announced the firm secured $103 million in senior financing for two multifamily properties on behalf of Fairfield Residential Apartments, LLC. Prudential Life Insurance Company provided the seven-year, fixed-rate loans on the properties, called The Reserve and The Sanctuary, which total 880 units and are located in Renton, Washington. Executive Managing Director Tom Fish, Managing Director David Young, and Executive Vice President Holly Minter led the Jones Lang LaSalle team on this financing.
“Multifamily continues to be the strongest property sector in the greater Seattle MSA, as this financing proves. We garnered a significant amount of interest from the lending community eager to expand their portfolios in the Pacific Northwest and were able to secure excellent terms for Fairfield,” said Minter.
“We’ve witnessed a strong economic recovery in this region, and a steady uptick in job growth leading to a surge in demand for apartment housing. Generation Y is leading the movement to the West Coast and Seattle is the top draw for this group under age 35,” said 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 property manager for 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 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 LaSalleJones 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 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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