CHICAGO - Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured financing for the three multifamily assets totaling 1, 514 units on behalf of new ownership that includes Redwood Capital Group, LLC. BH Management Services provides third management for the three assets located in Westmont, Waukegan and Crest Hill, IL. A seven-year, floating-rate loan was secured through JLL’s Freddie Mac Program Plus® Seller/Servicer agreement.
Executive Managing Director Tom Fish along with Executive Vice Presidents Holly Minter and Keith Largay led the JLL team on this transaction.
“This institutionally owned portfolio will benefit from proactive sponsorship”, said Minter. “The properties, which received nearly $7 million in capital improvements over the past five years, will benefit from an ongoing commitment by the new owner to reinvest in the assets. The low vacancy rates, strong rent growth and irreplaceable nature of these properties add to the investments’ appeal.”
“Chicago’s suburban market remains popular and these properties are well positioned in excellent locations,” added Largay. “They are located in desirable communities and are well connected by numerous transportation options providing easy access to employers, dining, shopping and other amenities.”
Each of the three properties is located near some of the state’s largest employers with access to quality schools. A wide variety of floor plans are featured in the portfolio with amenities including granite countertops, fully-equipped kitchens and new cabinetry. Residents enjoy access to amenities such as business centers, fitness centers, pools and sundecks, picnic areas and children’s playgrounds.
As a Freddie Mac Program Plus® Seller/Servicer, Jones Lang LaSalle has closed $860 million in 47 financings around the country year-to-date.
Jones Lang LaSalle 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
Contact: Heather Filkins
Phone: 312-228-2139
Email: [email protected]