Texas + Finance | May 19, 2020

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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