Skip Ribbon Commands
Skip to main content

News release

Chicago

Jones Lang LaSalle Secures $26 Million in Agency Loans

Acquisition and refinancing for student housing and multifamily properties secured through DUS Lenders


CHICAGO, Sept. 28, 2010 – Working in conjunction with Fannie Mae DUS lenders and Freddie Mac Seller / Servicers, Jones Lang LaSalle’s Real Estate Investment Banking (REIB) practice has secured more than $26 million in acquisition and refinancing capital for student housing and multifamily properties.  The team secured a 10-year, fixed-rate, interest-only loan for $17,550,000 from Freddie Mac lender Berkadia Commercial Capital for the acquisition of a student housing property known as The Zone at San Marcus, located in San Marcus, Texas.  The team also secured a 10-year, fixed-rate, interest-only loan for $8,470,000 from Fannie Mae DUS lender Grandbridge Real Estate Capital LLC for the refinancing of a multifamily property known as Earle Manor in Silver Spring, Maryland.

Leading the Jones Lang LaSalle team on these transactions were REIB Managing Director Wes Boatwright, Executive Vice President James Tramuto and Vice President Jim Gladden.

“High quality assets such as The Zone and Earle Manor, with exceptional locations and sponsorship, are extremely attractive investment opportunities,” said Tramuto.  “As evidence of this, we secured both of these loans quickly and closed them within a few months.”

Added Gladden, “We are seeing a significant uptick in transactions secured through DUS Lenders such as Grandbridge and Berkadia as the capital markets become more liquid, and positive momentum propels deals such as these, as we have a half dozen more in the works.”

The Zone at San Marcus is a 258-unit/696 bed student housing complex located adjacent to the Texas State University San Marcus campus.  The apartment community is 99 percent occupied.    Earle Manor, located at 10800 & 10820 Georgia Avenue in Silver Spring, Maryland, is a 140-unit apartment community that is 95 percent occupied.

Jones Lang LaSalle’s Multifamily Practice currently has approximately $2.5 billion in active multifamily offerings,
much of which is expected to close before the end of 2010. 

About Jones Lang LaSalle Capital Markets

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.

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 2009 global revenue of $2.5 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 1.6 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 approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com