JLL Arranges $182M Refi on Dallas-Area Apartments
JLL Capital Markets arranged a $181.54-million refinancing of four apartment communities totaling 1,489 units located in the Dallas area. A team of Mona Carlton and Kristopher Lowe worked on behalf of affiliates of Deerfield, IL-based Orion Residential Advisors to secure four 10-year, fixed-rate loans through Freddie Mac.
The new loans refinanced four variable-rate Freddie Mac acquisition loans that the deal team originally secured on Orion’s behalf in 2016.
The properties include the 453-unit Orion McKinney in McKinney; the 416-unit Orion McCord Park in Little Elm; and two Prosper communities, the 312-unit Orion Prosper and the 308-unit Orion Prosper Lakes. The properties were completed between 2008 and 2012.
“The refinance was critical to our long-term strategic plan for the portfolio,” said Orion CEO Dan Gumbiner. “We were determined to complete the transaction despite the current environment. Both JLL and Freddie Mac stood by us and completed the refinancing as originally contemplated.”
Pictured: Orion McKinney.
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