NORTH RICHLAND HILLS, TX—Millennium at Hometown is a soon-to-be-completed class-A multifamily project comprising 306 apartments and 11,697 square feet of retail located at 6021 Parker Blvd. Construction is nearing completion with the first building projected to provide a temporary certificate of occupancy in December 2020.
JLL Capital Markets arranged $49.1 million refinancing for the project, working on behalf of the borrower Sovereign Properties to secure the floating-rate loan with Asia Capital Real Estate/ACRE. JLL's capital markets team representing the borrower was led by senior managing director Greg Nalbandian and director Jesse Wright.
"This was a hotly contested assignment with considerable lender interest despite being marketed during the height of COVID," Nalbandian tells GlobeSt.com. "Well-located multi-housing projects backed by strong sponsorship continue to be the most sought-after projects with lenders today."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
