JLL arranges financing for Alabama apartment property
Loan proceeds were used to refinance the 252-unit community in West Mobile
DALLAS, March 5, 2020 – JLL Capital Markets announced today that it has arranged financing for Arlington Park, a 252-unit, garden-style apartment community in West Mobile, Alabama.
JLL worked on behalf of the Dallas-headquartered borrower, Saxony Capital Management, LLC, to secure the three-year, floating-rate loan through The Bancorp, Inc.
Located at 7070 Grelot Road, Arlington Park is set on 20.68 acres just south of Airport Boulevard, one of the area’s most affluent locations with average household incomes of approximately $75,000 per year within one mile of the property. Originally constructed in 2001, the property consists of one-, two- and three-bedroom units averaging 1,166 square feet. The property has recently undergone renovations to the exterior and common areas, including new exterior paint and a completely remodeled clubhouse and fitness center. Other common area amenities include a saltwater pool with outdoor kitchen area, game room with billiards, bark park, car care center and available private one-car garages. The property was more than 96% occupied at closing.
The JLL Capital Markets debt placement team representing the borrower was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.
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 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Saxony Capital Management, LLC
Saxony Capital Management was formed in 2016 as a boutique real estate investment and advisory firm based in Dallas, Texas. Saxony specializes in acquiring real estate assets that provide opportunity for value enhancement through reposition, market displacement, capital improvements and asset management expertise. Since formation, Saxony has purchased more than 1,900 units.