JLL arranges $42M loan for mixed-use project in College Station
The Century Square development is located adjacent to Texas A&M University
HOUSTON, October 3, 2019 – JLL announced today that it has arranged a $42 million refinancing for Century Square, a 60-acre, master-planned mixed-use environment with 159,128 square feet of retail and 57,204 square feet of office space adjacent to Texas A&M University in College Station, Texas.
JLL worked on behalf of the borrower, a partnership between Houston-based Midway Companies and Chicago-based Harrison Street, to place the non-recourse loan that was provided by funds managed by the Real Estate Group of Ares Management Corporation (NYSE: ARES).
Century Square is the first truly walkable, urban mixed-use environment in the Brazos Valley and has quickly established itself as the premier shopping, dining and entertainment destination in the area. Completed in 2018, the retail component houses a diverse mix of national brands, local boutiques and signature dining establishments, while the Class A office space offers tenants spacious and modern floor plans. Featuring open green spaces, entertainment and outdoor events, the live-work-play development also contains two boutique hotels (303 rooms) and a Class A multi-housing property (249 units), which were not included in the financing.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Colby Mueck, Managing Directors Timothy Joyce and Stephen Skok and Analysts Stuart Hepler, Katherine Miller and Charlie Strauss.
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 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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Midway Companies
Midway’s purpose is to create enduring investments and remarkable places that enrich people’s lives. Houston-based Midway is a privately owned, fully integrated real estate investment and development firm that has provided the highest level of quality, service and value to its clients and investors for more than 49 years. The Midway portfolio of projects completed and/or underway consists of approximately 45 million square feet of properties in 23 states and Northern Mexico ranging from office and industrial facilities, corporate headquarters, mixed-use centers, business and industrial parks, medical facilities, manufacturing facilities, and master-planned resort and residential communities. For more information on Midway, visit midwaycompanies.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. The firm has created a series of differentiated investment solutions focused on the Education, Healthcare and Storage sectors. Headquartered in Chicago with an office in London, the firm has more than 140-employees and approximately $21.5 billion in assets under management. Clients of the firm include a global institutional investor base from 11 countries. For more information, please visit www.harrisonst.com.