JLL Capital Markets announced that it has arranged financing for Hanover Autry Park and Hanover Parkview, two luxury multifamily properties in the heart of Houston, Texas.
JLL represented the borrowers, Hanover Company and Lionstone Investments, to arrange the five-year, fixed-rate loans from accounts managed by KKR for both respective properties to refinance their existing construction loans that JLL sourced in December 2019.
Hanover Autry Park, located at 811 Buffalo Park Drive, is a 23-story high-rise with 324 units and nearly 23,000 square feet of ground floor retail. The residential portion is currently 92% occupied.
Hanover Parkview, located at 3737 Cogdell Street, is a 421-unit mid-rise apartment building, with 24,000 square feet of ground floor retail. The residential portion is currently 95% occupied.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Cortney Cole and Colby Mueck, Senior Director Laura Brown and Analysts Davis Burnett and Scot Sarlin.
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.
Hanover Company, headquartered in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the acquisition, development and management of high-quality multi-family residential properties nationwide. With over four decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover’s award-winning project mix totals more than 70,000 units across the country and approximately $20 billion in project capitalization.
Lionstone Investments uses proprietary research and advanced analytics in an effort to identify durable growth and resilient income in U.S. real estate. For over 22 years, Lionstone has refined a data-centric approach, which augments real world experience with sophisticated technology, yielding understanding of the properties and demographics that drive long-term real estate value. It’s real estate research, resources, and relationships — what they call the Power of RE. Lionstone is a wholly owned subsidiary of Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.
