Financing arranged for pair of Fort Worth apartment communities
JLL Capital Markets led acquisition financing efforts for Hidden Lakes and Ranch at Fossil Creek located in Haltom City
DALLAS, Jan. 12, 2021 – JLL Capital Markets announced today that it has arranged financing for Hidden Lakes and The Ranch at Fossil Creek, apartment communities totaling 586 units in the Fort Worth-area community of Haltom City, Texas.
JLL worked on behalf of the borrower, Exponential Property Group, to secure the five-year, fixed-rate loans with Global Atlantic Financial Group.
Hidden Lakes features 312 units within 13 residential buildings spread over a 17.8-acre site. Floorplans are available in one-, two- and three-bedroom layouts with an average unit size of 928 square feet. The 94%-occupied property offers community amenities, including a clubhouse, game room, fitness center, business center, swimming pool, sand volleyball, lighted basketball court, outdoor fireplace and kitchen, picnic area and a variety of covered parking/detached garage options.
Completed in 2002, The Ranch at Fossil Creek offers 274 units within 13 residential buildings on a 17.5-acre site. The 92% leased community offers one-, two- and three-bedroom unit options with an average unit size of 950 square feet. Similar to Hidden Lakes, The Ranch at Fossil Creek features a variety of community amenities, including a clubhouse, business center, lounge area, billiard table, shuffleboard table, fitness center, swimming pool, lighted sports court, a play area and laundry center.
Located at 5333 and 5350 Fossil Creek Boulevard, both properties are positioned in northeastern Fort Worth. This location is proximate to Interstates 820 and 35 West providing connectivity to Fort Worth’s central business district, DFW International Airport and numerous employment hubs, including NAS Joint Reserve Base, the Fort Worth Medical District and AllianceTexas, among others.
“We are excited to get to work for our investors and our new residents on these properties and add them to the Exponential family,” said Exponential Property Group Founder Kim Radker Bays. “We are happy to have worked on this project with the teams at Global Atlantic and JLL.”
The JLL Capital Markets team representing the borrower was led by Jeremy Sain and Brooks Burgin.
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 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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Exponential Property Group
The Exponential Property Group of Companies is a fully integrated owner and operator of multi-family properties focused in the value-add space. Aside from acquiring properties, Exponential offers: first-in-class property management, in-house construction crews, strong capital relationships, and an established supply chain of domestic and international vendor contacts. For more information, please visit: exponentialpropertygroup.com.