JLL secures acquisition financing for East Texas multifamily asset
Saxony Capital Management acquires Pine Knoll Apartments in Longview, Texas
DALLAS, July 29, 2019 – JLL Capital Markets experts successfully secured the acquisition financing for an East Texas apartment community, the commercial real estate firm announced today. The 310-unit, 26-building multifamily property, located at 2019 Toler Road in Longview, Texas, was acquired by Saxony Capital Management. Freddie Mac provided the floating rate loan.
JLL Managing Director Mark Brandenburg secured the refinancing on behalf of Saxony Capital Management.
“Markets across Texas are delivering significant value-add opportunities,” said Brandenburg. “Statewide economic fundamentals and unprecedented population growth are driving investor demand for multifamily product to an almost fever-pitch. Pine Knoll is well-positioned to yield long-term returns with the planned strategic capital investments from Saxony and their ownership group. Moreover, Saxony is a great owner operator and we are thrilled to play a role securing their latest debt financing.”
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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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.