JLL Capital Markets announced that it has arranged equity and financing for the development of Stillwater Crystal Springs, a 386-unit, Class A+ apartment community in Fort Worth, Texas.
The JLL team worked on behalf of Stillwater Capital (“Stillwater”) to arrange an equity investment from CrossHarbor Capital Partners. In addition, the team also assisted Stillwater by placing a 40-month, floating-rate construction loan that was provided by Texas Capital Bank.
Stillwater Crystal Springs will be situated on an approximately 7.5-acre site at 5336 White Settlement Rd. along the Trinity River in Fort Worth’s River District, which is approximately three miles west of downtown. Due for completion in 2022, the project has broken ground and will consist of studio, one- and two-bedroom units totaling 308,250 square feet. Planned community amenities include an elevated amenity deck, resort-style pool, courtyard with outdoor lounge area and fire pit, expansive coworking space, dog park, bike storage, fitness center, controlled building access and garage parking.
The JLL Capital Markets team representing the borrower was led by Senior Director De’On Collins.
“We are excited to bring a high-quality project to the River District area of Fort Worth,” said Stillwater Partner Clay Roby. “The unique topography of the site provides an opportunity for elevated amenity decks and incredible views. With direct access to the Trinity Trail, the project will also address increasing demand for developments that promote density and walkability in a thoughtful and community-focused way.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.