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JLL secures financing for $91M development for state’s tallest residential high-rise
NASHVILLE, Tenn., Aug. 11, 2014 – Absorption continues to outpace delivery in the Music City and in response, developers are “shovel ready.” On behalf of WMG Realty Holding Company, LLC, JLL’s Capital Markets experts announced the firm has closed on the capitalization of SoBro, a 32-story high rise apartment building in downtown Nashville. With a total development cost of $91 million, BMO Harris Bank and PrivateBank provided a $58 million construction loan and institutional investor provided $17.9 million in preferred equity. Managing Director Dave Hendrickson and Executive Vice President Keith Largay led the JLL team on the transaction. Previously, the team assisted Giarratana in arranging a joint venture with Magellan Development Group LLC and Wanxiang North America. “Nashville’s multifamily market fundamentals, including rising rents, job growth and millennial demand for urban dwellings, are exactly what developers are seeking,” said Hendrickson. “Debt markets are robust and interest rates remain low, creating an ideal environment for product delivery.” The SoBro Tower will be the tallest residential building in Tennessee at 395 feet and will feature a distinct “S” shape and recessing balconies. The site is located adjacent to the vibrant Lower Broadway entertainment district, three blocks from the Music City Center convention center and within the city’s Central Business District. Planned amenities will cater to a ‘live, work, play’ lifestyle and include a green rooftop with a multi-lane lap pool, hot tub, fire pits, barbeque grills and cabanas as well as a lounge, game room and fitness center. The tower will feature 313 units, 502 parking spaces and 20,540 square feet of ground floor Class A retail space. JLL 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 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe. For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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