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News release

Washington

Jones Lang LaSalle Secures $50 Million Senior Construction Loan for Washington D.C. Apartment Development

Loan secured through CW Capital as part of HUD Lending Program


WASHINGTON, D.C., Jan 15, 2010 — Jones Lang LaSalle’s Real Estate Investment Banking practice announced today it has secured a $50 million senior construction loan for the development of Yale Steam Laundry Apartments on behalf of IBG Partners, LLC.  CW Capital is providing the financing for the Washington, D.C. apartment development through HUD’s 220 lending program.  The project is expected to be completed by the second half of 2011.

Managing Directors Martin Kamm and Senior Vice President Stephanie Lynch led the Jones Lang LaSalle team on this transaction.

“As financing remains constricted for most construction projects, we knew we had to be creative in capitalizing this senior construction loan.  The strength of the D.C. rental market allowed us to secure a HUD-guaranteed loan that will allow the developers to go forward on the second phase of this highly anticipated project,” said Kamm.

The fixed rate, non-recourse construction-permanent loan will be used to finance the 218-unit apartment building that will feature such amenities as a rooftop pool with views of the Capitol and the Washington Monument, a fitness center, and 160 below-grade parking spaces, located at 443 New York Avenue, in the heart of the Mount Vernon Triangle. 

“The Mount Vernon Triangle has seen intense transformation over the past several years as both residential and retail development have re-invigorated the area.  There has been high demand for residential for-sale and rental units, with little product currently available,” said Anthony Harrigan, head of IBG Partners, LLC.  “We’re excited to get this top quality project underway.” 

Jones Lang LaSalle Capital Markets is composed of a broad range of real estate investment debt and equity specialists, and corporate finance experts, working on all property types and in all the major national markets on behalf of major institutional and local investors and developers, as well as corporations.  The firm's Capital Markets professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs.  The Development and Asset Strategy team specializes in the sale of non-income-producing properties in their various forms from surplus buildings to raw land to entitled parcels and partially completed subdivisions.  The Investment Sales teams assist investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide derivatives structuring and loan sale advisory services.  The Corporate Capital Markets professionals help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios.  The firm's Value Recovery Services assist clients affected by the current financial crisis by creating value while managing risks through evaluating operational and occupancy needs, assisting with challenged assets and liabilities on their balance sheets, providing receivership services, asset management, raising capital through sales-leasebacks and providing leasing and recapitalization strategies for distressed assets. In the past two years, the firm’s Capital Markets team handled $117 billion of transaction volume.

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 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 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 more than $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
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