Savoy Manor Finds Financing as Multifamily Remains Resilient
Multifamily has fared better than most other commercial sectors, with investment declining at a lower rate than other product types. And, investors picked up $116 billion of multifamily assets in the first nine months of last year, according to JLL.
Multifamily offers investors “a view through and beyond COVID-19,” says Gemma Kendall, head of multifamily investment, JLL EMEA Capital Markets. “Housing demand remains high in many cities around the world and supply has struggled to keep up. As a result, investors are viewing multifamily opportunities as more resilient than other asset classes.”
And that demand was no more evident than in Houston where acquisition financing was recently provided for Savoy Manor, a 192-unit multifamily property.
JLL worked on behalf of the borrower, REEP Equity, to secure the 10-year floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender. The JLL team representing the seller was led by Mark Brandenburg, CW Sheehan and Cort Martin.
Located at 5915 Flintlock Rd., the transit-orientated Savoy Manor is positioned near Highway 290, Beltway 8 and Loop 610, providing access across the region. Additionally, the property is near various entertainment, dining, retail and national grocery chains.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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