Construction financing secured for luxury apartment development in Allen, Texas
JLL Capital Markets arranges loan for The Monarch, a multifamily community in thriving Dallas suburb
DALLAS, Dec. 12, 2024 – JLL Capital Markets announced today that it has secured construction financing for The Monarch, a to-be-built, 325-unit luxury apartment community in Allen, Texas.
JLL worked on behalf of the borrower, Zale Properties, in arranging the four-year, floating-rate loan through Kennedy Wilson.
The Monarch, to be located at 1424 Bliss Ave., at the intersection of Alma Rd. and Hwy-121 in Allen, will offer a prime location in one of Dallas-Fort Worth's fastest-growing submarkets. The community will be situated within an 80-acre mixed-use development and is near several other major multi-phase developments, retail centers and office spaces, providing future residents with a robust set of lifestyle amenities.
The Monarch is a residential development offering a mix of one-, two- and three-bedroom units across 302,696 net rentable square feet, with an average unit size of 931 square feet. Situated on 4.74 acres, the project is estimated to be completed in the first quarter of 2027 and will feature gated unit patios for added privacy and security. Residents will enjoy a range of community amenities, including a resort-style pool, outdoor grills and a fitness center, enhancing the overall living experience.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee, Director Bo Beidleman, and Analysts Chad Lisbeth and Jordan Buck.
"The successful arrangement of this construction financing package for The Monarch underscores the strength of the multifamily market in Allen and the broader Dallas-Fort Worth region," said Brownlee. "This luxury apartment community is well-positioned to capitalize on the area's strong population growth and increasing demand for high-quality rental housing in desirable suburban locations."
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 and 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 111,000 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 Zale Properties
Zale Properties, a third-generation multifamily development company, offers a comprehensive suite of services encompassing land acquisition, development, general contracting, leasing and management. With 40 years of experience as general contractors on their own projects, Zale Properties has established a reputation for excellence in the DFW area and beyond. For more information on Zale Properties visit www.zaleproperties.com.
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading real estate investment company with over $28 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, their relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $50 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates and builds real estate within their high-quality, core real estate portfolio and through their investment management platform, where Kennedy Wilson targets opportunistic equity and debt investments alongside their partners. For further information, please visit www.kennedywilson.com.