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HOUSTON, Jan. 22, 2018 – JLL's Capital Markets experts today announced the company secured financing on behalf of Stoneleigh CP Apartments, LLC. Freddie Mac provided the loan, which will be used to refinance The Cape, a 228-unit multifamily community in the Houston suburb of Tomball, Texas.
Mark Brandenburg led the JLL team on the financing.
"We're currently seeing the Houston multifamily market rebalance and gain strength following a period of high development," said Brandenburg. "Increasing demand, coupled with the fact this property has been meticulously maintained and is highly occupied, made this opportunity attractive to lenders."
Built in 2006, The Cape is a three-story apartment complex encompassing approximately 200,000 square feet across 13 buildings. Features of the property include a controlled access entrance, fitness facility, business center and large swimming pool.
The Cape is located at 10810 Spring Cypress Road, near the prominent intersection of State Highway 249 and Spring Cypress Road. Its location offers convenient access to an array of retailers, restaurants and arterial roadways including The Grand Parkway and Beltway 8.
According to JLL research, Houston's multifamily market closed the year with decade-high positive net absorption of 17,491 units and occupancy increases across all class types.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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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 third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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 ir.jll.com.
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