Source: JLL Capital Markets / #Apartments #Multifamily
HOUSTON, TX - Lenders continue to see opportunity as strong assets in the greater Houston area continue to exhibit stable growth. The Howard Hughes Corporation and JLL’s Capital Markets experts announced the $42.5 million refinancing of Millennium Six Pines, a 314-unit Class A+ multifamily asset located in The Woodlands, TX – a highly acclaimed master planned community north of downtown Houston. JLL secured the loan through its Fannie Mae DUS lending platform. Executive Managing Director Mike Melody, Managing Director Randy Fleisher and Executive Vice President Dustin Dulin led the JLL team on the deal.
“We are pleased to complete the refinancing of Millennium Six Pines with the help of JLL. The financing is a strong indication that the capital markets remain open and available for high performing assets in great locations in the Houston region, such as The Woodlands,” said Grant Herlitz, President of The Howard Hughes Corporation. “Our commercial properties in The Woodlands continue to generate steady earnings and this 12-year loan efficiently capitalizes this asset to perform well over the long term.”
“Millennium Six Pines is a superior market-rate asset in the northern Houston area with tremendous sponsorship behind it,” said Fleisher. “JLL’s relationship with Fannie Mae allowed us to execute this refinancing with the most favorable terms in the market. We anticipate financing to remain available for strong sponsors such as Howard Hughes as demand for well-amenitized multifamily assets continues.”
Millennium Six Pines is located 30 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport and is in close proximity to entertainment venues, including The Cynthia Woods Mitchell Pavilion located in The Woodlands Town Center. The upscale five-story building’s community amenities include a pool, a clubhouse, a fitness center and gated access. In-unit amenities include granite counter tops, washers and dryers, patios or balconies, fireplaces and hardwood floors in living areas.
JLL 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 deliver the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sales and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.