REEP Equity secures acquisition financing for Savoy Manor in Houston
JLL Capital Markets executed the financing deal through Freddie Mac
JLL worked on behalf of the borrower, REEP Equity, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Offering one- and two-bedroom options, all Savoy Manor units include private patios, sunrooms or balconies, and spacious walk-in closets. Select units also include updated faux wood flooring and wood-burning fireplaces. Community amenities include a swimming pool, playground area, fitness center and a barbecue-equipped picnic area. The property is also pet-friendly and provides access to an on-site dog park.
Located at 5915 Flintlock Rd., the transit-orientated Savoy Manor is conveniently positioned near Highway 290, Beltway 8 and Loop 610, providing vehicular access across the region. Additionally, the property is near various entertainment, dining, retail and nationally recognized grocery options.
The JLL Capital Markets team, representing the seller, was led by Senior Managing Director Mark Brandenburg, Senior Director CW Sheehan and Analyst Cort Martin.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly-owned indirect subsidiary of Jones Lang LaSalle Incorporated.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About REEP Equity
REEP (Real Estate Equity Partners) was founded in 2015 by principals Jacob and Arleen Garza, who share over 20+ years of real estate experience. The firm is focused on acquiring under-performing, income-producing, multifamily investment opportunities in Texas. REEP Equity, along with its sister company REEP Management, is solely focused on the multifamily sector to pledge incomparable commitment and service to both its residents and investors. Other in-house departments include asset management, construction, property management, cost segregation, pre- and post-disposition. Since 2012, REEP Equity has bought, sold, and managed over 2,644 units, with ten properties totaling 2,071 units worth over $225 M currently in its portfolio. For more information, visit reepequity.com.