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Debt and equity secured for The Ridge at Timberline Drive in Dallas submarket
DALLAS, Oct. 7, 2014 – JLL’s Capital Markets today announced the firm has secured another loan through its alliance with Prudential Mortgage Capital Company and their Fannie Mae DUS ® platform. The bridge loan for The Ridge at Timberline Drive, located in Dallas’ Grapevine submarket, was provided through Prudential’s Agency Gateway program, while E2M Partners provided joint-venture equity through their E2M Strategic Fund.
Executive Vice President Mark Brandenburg led the JLL team on the transaction. International Director Faron Thompson leads the firm’s partnership with Prudential and Fannie Mae’s DUS® lending program, which kicked off earlier this year.
“We continue to see a great deal of demand to secure financing for multifamily acquisitions, especially for value-add properties,” said Thompson. “We have renewed our commitment to providing our clients a whole host of financing solutions through our alliance with Prudential, and strengthened our current services as a Freddie Mac Program Plus® lender.”
Added Brandenburg, “This favorably-structured loan blends a nice mix of debt and equity while its adjustable rate allows the sponsor to take advantage of today’s strong debt markets.”
The Ridge at Timberline totals 376-units and features 38 residential buildings. Amenities include a clubhouse, business center, fitness center, gazebo, two swimming pools, barbeque grills and a dog park. Interior renovation plans include upgrading the unit interiors with new flooring, modern appliances and countertops, new cabinet doors and upgraded nickel fixtures. The owner also plans to refresh the building exteriors, upgrade the common area workout facility and build a new pool, lounge area and renovate the dog park.
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.
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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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