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News release

Minneapolis

JLL secures $29 million in financing for Gabella at Parkside


​​JLL's Capital Markets experts secured $29 million in financing on behalf of Bigos Investments for the purchase of Gabella at Parkside. The 196-unit multifamily community is located in Apple Valley, Minnesota. Fannie Mae provided the fixed-rate 10-year loan through its Near-Stabilization Execution, allowing the borrower to close and fund prior to reaching full stabilized occupancy.

Managing Director Ken Dayton and Vice President Pat McMullen led the JLL team on the financing.

"Lenders are increasingly attracted to multifamily assets located just outside downtown urban cores," said Dayton. "Fannie Mae was an ideal partner for this property given its understanding of tenant desires and demographic trends."

Gabella at Parkside is a newly constructed apartment community that includes a fitness center, yoga and spinning studio, resort-style pool and private theater. It is located 20 miles from downtown Minneapolis and St. Paul, and just 15 miles from the Minneapolis/St. Paul International Airport.

As one of the nation's largest multifamily and seniors housing lenders, JLL connects clients to a full range of competitively priced, reliable mortgage products for the acquisition, refinance or rehabilitation of affordable and market-rate multifamily communities across the nation.

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 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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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 has $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.