JLL Capital Markets announced today that it has arranged acquisition financing for Chartwell Court, a multi-housing property located in Houston, Texas.
JLL worked on behalf of the borrower, REEP Equity, to originate the12-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Originally built in 1995, Chartwell Court offers ample value-add opportunity for REEP Equity, who plans to renovate 40% of unit interiors and the property’s exterior. Unit upgrades will feature some new items to REEP’s standard upgrade package, including stainless steel appliances and granite countertops. Other renovations include the addition of a package room with lockers; updates to clubhouse and business center/coffee bar; creation of a dog park; adding a pergola and grill; new furniture to the grilling and pool area; and overall enhancement of the landscaping around the property.
Located at 15100 Ella Blvd., the garden-style property is positioned in the popular Houston-Woodlands area. Chartwell Court has connectivity to all of Houston’s major employment centers and economic drivers – such as Pinto Business Park, George Bush Intercontinental Airport, Springwoods Village, the North Houston District and The Woodlands – via being just one mile from I-45 North. In addition, the apartments sit just three miles from Houston’s largest healthcare system, HCA Houston Healthcare’s Northwest Hospital, and various recreational activities, like the Mercer Botanic Gardens.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Mark Brandenburg and Senior Director CW Sheehan.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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 delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.