JLL Arranges $372 Million Refinancing for 10 Southwest Properties
The properties, in Texas and Arizona, amount to 2,549 units. JLL worked on behalf of the borrower, Wealhouse Capital, who secured the floating-rate Fannie Mae loans. The properties were at least 25 years old. Wealhouse’s Emily Newman says the loan will allow them to maintain a high level portfolio, “The proceeds from the refinancing will allow us to continue to invest in new and existing properties in our portfolio and the communities our tenants live in.”
Eight of the properties are in the Phoenix metro area and two near Houston. Most all are garden-style apartments that feature a similar range of amenities, such as resort-style pools, clubhouses, fitness rooms, basketball courts and picnic areas.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Brad Miner and Analyst Elle Maraglia
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.