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News release

Washington

Jones Lang LaSalle Secures $78+ Million Senior Acquisition Financing for Washington, D.C.’s Senate Square


WASHINGTON, D.C., Sept. 02, 2010 – Jones Lang LaSalle’s Real Estate Investment Banking team has secured $78.4 million in senior acquisition financing from Fannie Mae DUS Lender Grandbridge Real Estate Capital for the purchase of Westwood Partners’ Senate Square, a 432-unit luxury apartment complex located in the H Street Corridor neighborhood of Washington, D.C.  The 4.21 percent, fixed-rate, seven-year term loan was priced at par. 

Leading the Jones Lang LaSalle team on this transaction were Managing Directors Dave Hendrickson and Wes Boatwright and Vice President Chuck Hoag.

“Senate Square was built in 2007 as condominiums but due to the housing crisis had to be converted to rental apartments, as such it is one of the highest quality multifamily properties in Washington, D.C. and garnered a great deal of interest from potential lenders,” said Hendrickson. 

Added Wade Judge, Managing Director of LaSalle Investment Management, “Working with Jones Lang LaSalle, we were able to close on Senate Square’s loan within an accelerated timeframe while working through the difficulties associated with purchasing a property out of foreclosure. Increasing occupancy combined with strong upside potential allowed us to secure moderate leverage on this extremely attractive investment opportunity.”

Senate Square features 432 units contained in two, 12-story residential towers.  It is located on 201 & 225 I Street NE in the H Street Corridor in Capitol Hill North, just one block from Union Station.  The property features two subterranean parking garages, a two-level garage underneath the East Tower and a four-level garage underneath the West Tower for a total of 439 spaces.  Amenities include a rooftop pool, moon garden grills and recreation areas, a fitness center and third-floor lounge. 

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