JLL Secures Financing for Partially Affordable Community
- Jun 08, 2017
JLL’s Capital Markets team secured financing from TBK Bank, SSB for the acquisition and rehabilitation of High Pointe Village, a 268-unit garden-style community in Cedar Hill, Texas. JLL Managing Director Mark Brandenburg led the financing team representing the buyer, S2 Capital.
HIGH LENDER INTEREST
Located at 201 South Clark Road, the community is 17 miles from downtown Dallas. The 35-building asset offers one-, two- and three-bedroom apartments, ranging in size from 600 to 1,180 square feet. Of the High Pointe Village’s 268 units, 66 are affordable. Amenities include a clubhouse, basketball court, playground, two swimming pools and two laundry facilities. The community also features more than 600 parking spaces. According to Yardi Matrix data, monthly rents start from $660 and go as high as $1,051, as of May.
“We saw tremendous lender interest due to rents well below the market rate, a growing population and the sponsor’s historic success,” Mark Brandenburg said in a prepared statement.
Image courtesy of Yardi Matrix