JLL secures $24.9M financing for Atlanta apartment community
Loan proceeds funded Taurus Investment Holdings’ acquisition of the property
WASHINGTON D.C., August 1, 2019 – JLL announces it has secured $24.9 million in acquisition financing for 251 North, a 192-unit, garden-style property located at the juncture of Atlanta’s Midtown, Old 4th Ward and East Atlanta neighborhoods.
Working on behalf of Taurus Investment Holdings, LLC, JLL arranged the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. JLL also arranged the sale of the property to Taurus Investment Holdings.
251 North is located at 300 Cityline Avenue NE adjacent to outdoor recreation at Renaissance Park and Central Park. In addition, the property is near Midtown Atlanta’s job market and some of the city’s most popular entertainment and restaurants, including the Atlanta Beltline and Ponce City Market. Originally completed in 1989, the property consists of one- and two-bedroom floor plans that feature spacious layouts, walk-in closets and options for duplex/loft units. Community amenities include a resort-style pool, outdoor grilling station, cardio-based fitness center, 24/7 laundry facility and covered parking. 251 North was more than 93% occupied at closing.
The JLL Capital Markets team representing the borrower was led by senior director Jamie Leachman and director Ware Shipman.
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.
About JLL
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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Taurus Investment Holdings, LLC
Taurus is a global real estate private equity firm with over 40 years of experience as a general partner, investor and operator. Currently active in the United States, Western Europe, Asia and South America, the firm makes strategic investments into value-add, core-plus and development opportunities.
Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 40 million square feet (3.7 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $6.5 billion. For further information, visit tiholdings.com