A rendering of Millennium at Hometown, a 306-unit multifamily project at 6021 Parker Blvd. in North Richland Hills, Texas — Courtesy: JLL
By Joshua Burd
The developer of a 306-unit multifamily project near Fort Worth, Texas, has refinanced for $49.1 million, under a transaction arranged by JLL’s New Jersey capital markets team.
The Morristown-based brokerage team represented the borrower, Sovereign Properties, to secure the floating-rate loan with Asia Capital Real Estate. Construction is nearing completion at the Millennium at Hometown project, which is located at 6021 Parker Blvd. in North Richland Hills.
JLL Senior Managing Director Greg Nalbandian and Director Jesse Wright completed the assignment. According to the firm, the bridge loan was signed up during the height of the COVID-19 pandemic, illustrating the strength of the multifamily capital markets and the continued liquidity in the sector for well-conceived projects.
“We pride ourselves on our ability to provide institutional developers the liquidity needed to execute on their business plan, especially in tough market environments,” said Daniel Jacobs, head of origination at ACRE. “JLL was instrumental in structuring this deal, and we are confident that it will set Sovereign Properties up for success at Millennium Hometown.”
The Millennium at Hometown project also includes 11,697 square feet of retail space, according to a news release. The first building is slated to obtain a temporary certificate of occupancy in December.
