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News release

DENVER

JLL arranges $13.5 million financing for apartments in Greensboro, North Carolina


DENVER, July 25, 2017 – JLL announced today that it has secured $13.5 million in financing for The Retreat, a 503-unit, garden-style apartment community in Greensboro, North Carolina.

JLL worked exclusively on behalf of Eighteen Capital Group to place the ten-year, fixed-rate non-recourse loan.  

The Retreat is located at 4351 Hewitt Street, approximately five miles southwest of downtown Greensboro and adjacent to retail and dining.  The property is a combination of three apartment complexes that were previously managed and operated separately.  18 Capital Group's acquisition strategy was to combine operations of the complexes due to their close proximity, along with improving occupancy and rental rates with capital investments. The Retreat is approximately 94 percent leased with amenities including a fitness center, swimming pool, laundry facility, two tennis courts and ample parking.

The JLL Capital Markets group representing the borrower was led by managing director Baxter Fain and Christina Grimme. Grimme said, "The borrower was able to cash out all of their equity in the project in addition to loan pricing that was consistent with the agencies.  We are seeing lenders get aggressive on apartments and competing well with Fannie and Freddie; especially on cash out loans." 

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.

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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 $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 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 ir.jll.com.