JLL arranges Freddie Mac loan for North Dallas apartments
Loan proceeds refinanced Central Park Apartments in Vickery Meadow neighborhood
DALLAS, February 20, 2020 – JLL Capital Markets announced today that it has arranged the refinancing of Central Park Apartments, a 144-unit, garden-style apartment community in North Dallas’ Vickery Meadow neighborhood.
JLL worked on behalf of the borrower, Frontline Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Central Park Apartments is located at 8325 Meadow Road one half of a mile east of North Central Expressway (U.S. Highway 75). Originally built in 1977, Frontline Holdings has invested more than $1 million in capital improvements to the property since acquiring it in 2016. The property consists of 12 two-story buildings that house 96 one-bedroom units and 48 two-bedroom units. Community amenities include a pool, fitness center, clubhouse, business center, on-site laundry facilities and 192 surface parking spaces.
The JLL Capital Markets debt placement team representing the borrower was led by 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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About JLL
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 Frontline Holdings
Frontline Holdings is a vertically integrated real estate operating company that provides investment, property and construction management services. Frontline has consistently created value through acquiring, managing and adding value to multifamily properties. Frontline’s mission is to generate strong risk-adjusted returns for its investors and quality living environments for its tenants. Frontline’s investment strategy is to acquire value-add multifamily apartment buildings in rapidly growing markets.