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.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on December 12, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on December 12, 2024 at 19:13:25.605.
