JLL Capital Markets has provided a $42.5 million agency loan to refinance the 314-unit Millennium Six Pines multifamily scheme in Woodlands, Texas, north of Houston. The lender provided the 12-year refinancing through its Fannie Mae platform to the Howard Hughes Corporation.
“The financing is a strong indication that the capital markets remain open and available for high performing assets in great locations in the Houston region, such as The Woodlands,” said Grant Herlitz, president of The Howard Hughes Corporation, in a statement.
The five-story Millennium Six Pines is located in the Woodlands, Texas 28,000-acre master-planned community. Woodlands houses more than 112,000 people and is located 27 miles north of Houston.
This May, the lender announced that its anticipates agency lending market-wide to eclipse $100 billion in 2016, compared to the $89.6 billion in new multifamily lending volume the government sponsored entities (GSEs) did last year. The FHFA increased the multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion earlier this year; that will allow more multifamily lending in general — and on affordable properties that were not already excluded from the lending caps in May of 2015.
JLL completed $140 billion in investment sales and debt and equity transactions globally in 2015. The Howard Hughes Corporation owns, manages and develops master-planned communities, operating properties, and development opportunities across 16 states.