Financing secured for apartment community in the DFW metro
JLL Capital Markets arranged the refinance of The Jones, a 224-unit, garden-style apartment community located in Arlington, Texas
DALLAS, Jan 4, 2024 – JLL Capital Markets announced today that it has arranged the refinance of The Jones, a 224-unit, garden-style apartment community located within the DFW metro in Arlington, Texas.
JLL represented the borrower, WindMass Capital, to secure a floating-rate loan through Benefit Steet Partners. Notably, this refinance marks the beginning of a new relationship between both parties. Considering WindMass’ growth and investment strategy coupled with the wide array of products offered by Benefit Street Partners, the relationship is expected to be rewarding in the coming years.
Built in 1977, the two-story apartment community features studio, one-, two- and three-bedroom units with balconies/patios, spacious walk-in closets, central air and heating, dishwashers, refrigerators and washer and dryer connections. The property is currently amid a capital improvement initiative, with renovations completed on nearly 50% of the units, as well as all building exteriors, and the construction of a new leasing office.
Situated at 2109 Lincoln Dr., The Jones offers residents excellent access to the area’s major thoroughfares, Highway 360 and Interstate 30, and is a 25-minute commute to downtown Fort Worth and downtown Dallas. Proximate neighborhood amenities of the property include AT&T Stadium, Texas Live!, Globe Life Field, Texas Rangers Golf Club, Lake Viridian and numerous shopping and dining options.
The JLL Capital Markets Debt Advisory team was led by Managing Director Kris Lowe and Director Kristi Leonard.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About WindMass Capital
WindMass Capital ("WindMass”) is a privately owned commercial real estate investment and development company based in Dallas, Texas. WindMass’ core investment strategy is to acquire, own and manage a diversified portfolio of value-add assets with optimal risk-adjusted returns. Founded in 2017 and headquartered in Dallas, WindMass’ geographic focus is on selected Texas markets, where both job and population growth continue to lead the nation and drive growth in real estate values, providing greater liquidity upon exit. WindMass invests capital through discretionary closed-end investment partnerships for institutions and private investors.
About Benefit Street Partners
Benefit Street Partners ("BSP"), which is wholly owned by Franklin Templeton, is a leading credit-focused alternative asset management firm. Established in 2008, the BSP platform manages funds for institutions, high-net-worth and retail investors across various strategies including: private/opportunistic debt, liquid loans, high yield, special situations, long-short liquid credit and commercial real estate debt. These complementary strategies leverage the proprietary sourcing, analytical, operational and compliance capabilities that encompass BSP’s robust institutional platform.