JLL Arranges $27M Loan for 230-Unit Austin Sale
- Oct 22, 2020
JLL Capital Markets has secured $27.1 million in acquisition financing for the purchase of Cannon Oaks Apartments, a 230-unit community in Austin, Texas. The JLL team comprising Senior Directors Marko Kazanjian and Chris McColpin, Managing Director Rob Hinckley, Associate Jackson Finch and Analyst Andrew Cohen, worked on behalf of the buyer, Old Three Hundred Capital.
Pacific Real Estate Partners was the seller, according to Yardi Matrix. The company had acquired the property in early 2018 from Eenhoorn Management.
JLL secured the loan through Prime Finance, with ArrowMark Partners acting as a capital partner. Old Three Hundred’s William Gottfried, Paolo Boero and Nicholas Yarnall worked with ArrowMark’s Rob Brown and Nathan Rillstone on the deal.
Cannon Oaks has 12 buildings on an 18-acre site at 2302 E. William Cannon Drive. Completed in 2001, the recently renovated community has two-, three- and four-bedroom units, averaging 1,000 square feet. Common amenities include a clubhouse, fitness center and pool. The property is near Interstate 35, 10 miles west of Austin-Bergstrom International Airport.
Earlier this year, Hinckley was part of a JLL team that arranged $55 million in project financing for a three-building community in Queens, N.Y. Cape Advisors is developing the 534-unit property.