JLL arranges capital for Fort Worth apartment project
Equity and debt financing will fund the development of the first phase of Stillwater Crystal Springs
DALLAS, June 23, 2020 – JLL Capital Markets announced today that it has arranged equity and financing for the development of Stillwater Crystal Springs, a 386-unit, Class A+ apartment community in Fort Worth, Texas.
The JLL team worked on behalf of Stillwater Capital (“Stillwater”) to arrange an equity investment from CrossHarbor Capital Partners. In addition, the team also assisted Stillwater by placing a 40-month, floating-rate construction loan that was provided by Texas Capital Bank.
Stillwater Crystal Springs will be situated on an approximately 7.5-acre site at 5336 White Settlement Rd. along the Trinity River in Fort Worth’s River District, which is approximately three miles west of downtown. Due for completion in 2022, the project has broken ground and will consist of studio, one- and two-bedroom units totaling 308,250 square feet. Planned community amenities include an elevated amenity deck, resort-style pool, courtyard with outdoor lounge area and fire pit, expansive coworking space, dog park, bike storage, fitness center, controlled building access and garage parking.
The JLL Capital Markets team representing the borrower was led by Senior Director De’On Collins.
“We are excited to bring a high-quality project to the River District area of Fort Worth,” said Stillwater Partner Clay Roby. “The unique topography of the site provides an opportunity for elevated amenity decks and incredible views. With direct access to the Trinity Trail, the project will also address increasing demand for developments that promote density and walkability in a thoughtful and community-focused way.”
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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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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stillwater Capital
Stillwater Capital is a fully integrated, private real estate company with expertise in developing, acquiring, and managing a diversified real estate portfolio. The Stillwater team has a broad range of experience in unique properties with a focus on infill multifamily assets, large mixed-use commercial developments, corporate build-to-suit projects, and high-end single-family homes.
About CrossHarbor Capital Partners
Founded in 1993 by loan workout and property turnaround specialists, CrossHarbor is a long-standing, privately-owned investment and asset management firm focused exclusively on commercial real estate located within the United States. The firm manages multiple fund strategies that invest across the risk/return spectrum on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices and sovereign entities.
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 1000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank, a commercial bank that delivers highly personalized financial services to businesses and entrepreneurs. Headquartered in Dallas, the bank has full-service locations in Austin, Dallas, Fort Worth, Houston and San Antonio.