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News release

AMARILLO

Regional draw of West Texas retail center spurs refinancing

JLL secures $13.25 million in refinancing for the Forum at Soncy


AMARILLO, Texas, June 14, 2017 – JLL's Capital Markets experts today announced the firm secured $13.25 million in refinancing for the Forum at Soncy, a 64,914-square-foot, Class A retail center in Amarillo.

Managing Director Jimmy Board and Associate Jarrod McCabe led JLL's team on the financing on behalf of GRACO Real Estate Development Inc. Deutsche Bank provided the 10-year, fixed-rate loan with a low, 4 percent interest rate with a few years interest only. 

"The Forum at Soncy has attracted and retained several credit-worthy national tenants and remained at or above stabilized occupancy over the last ten years, making it both a regional retail destination and a desirable lending opportunity," said Board.

Located at the intersection of 34th Avenue and Soncy Road, the Forum at Soncy is at the heart of Amarillo's main retail corridor, which includes the Westgate Mall. The Forum at Soncy and other nearby retailers attract commuters from surrounding areas seeking amenities not found in the region's smaller markets. The retail center also benefits from proximate neighborhoods, including The Colonies of Amarillo master-planned community, and a population of more than 115,000 within a 5-mile radius.

The shopping center is currently 93 percent leased to a strong line-up of national credit-worthy tenants including Cost Plus World Market, Guitar Center, Kirkland's, Lane Bryant, Chico's, Joseph A. Bank Clothiers, Justice, Pei Wei, FedEx Office and Complete Nutrition.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.