JLL Capital Markets arranged a $49.1 million refinancing for the Millennium at Hometown, a to-be-completed, Class-A, multi-housing project comprising 306 apartments and 11,697 square feet of retail located at 6021 Parker Boulevard in North Richland Hills, Texas.
JLL worked on behalf of the borrower, Sovereign Properties, to secure the floating-rate loan with Asia Capital Real Estate (ACRE). Construction is nearing completion with the first building projected to receive occupancy in December 2020.
The development is in DFW’s burgeoning North Richland Hills submarket at the intersection of Grapevine Highway and Precinct Line Road. This area has seen a total rent growth of 30 percent since 2010, all while maintaining average occupancy of 94 percent. The area has also become a robust employment hub, with over 70,000 residents, 1,200 businesses and 30 major employers, including a surge in headquarter set ups from companies like Tyson and XPO Logistics.
JLL’s Capital Markets team representing the borrower was led by senior managing director Greg Nalbandian and director Jesse Wright.
According to JLL, this bridge loan was signed up during the height of the COVID pandemic, illustrating the strength of the multi-housing capital markets and the liquidity that continues in this sector for well-conceived projects during highly challenging macro climates.
“We pride ourselves on our ability to provide institutional developers the liquidity needed to execute on their business plan, especially in tough market environments,” said Daniel Jacobs, Head of Origination at ACRE. “JLL was instrumental in structuring this deal, and we are confident that it will set Sovereign Properties up for success at Millennium Hometown.”