JLL’s capital markets team arranged acquisition financing for Chartwell Court, a multi-housing property located in Houston. JLL worked on behalf of the borrower, REEP Equity, to originate the 12-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Originally built in 1995, Chartwell Court offers ample value-add opportunity for REEP Equity, who plans to renovate 40 percent of unit interiors and the property’s exterior. Unit upgrades will feature some new items to REEP’s standard upgrade package, including stainless-steel appliances and granite countertops. Other renovations include the addition of a package room with lockers, updates to clubhouse and business center/coffee bar, creation of a dog park, adding a pergola and grill, new furniture to the grilling and pool area and overall enhancement of the landscaping around the property.
Located at 15100 Ella Boulevard, the garden-style property is positioned in the popular Houston-Woodlands area. Chartwell Court has connectivity to all of Houston’s major employment centers and economic drivers—such as Pinto Business Park, George Bush Intercontinental Airport, Springwoods Village, the North Houston District and The Woodlands—via being just one mile from I-45 North. In addition, the apartments sit just three miles from Houston’s largest healthcare system, HCA Houston Healthcare’s Northwest Hospital, and various recreational activities, like the Mercer Botanic Gardens.
The JLL capital markets team representing the borrower was led by senior managing director Mark Brandenburg and senior director C.W. Sheehan.