JLL Capital Markets announced today that it has arranged a refinancing for Vine on North Park, a 216-unit, garden-style multi-housing community in the Dallas-Fort Worth-area community of Grapevine, Texas.
JLL worked on behalf of the borrower to place the 10-year fixed-rate loan with NexBank. Loan proceeds will be used to continue executing the borrower’s capital improvement plan for the property.
Completed in 1985, the borrower started converting the asset into a value luxury property in 2018 and will continue making renovations and managing the property. More than half of the units at Vine on North Park have been renovated to include granite countertops, stainless steel appliances, brushed nickel lighting and hardware and upgraded faux wood flooring and carpeting. All units contain private balconies or patios with additional storage and large closets. Residents can enjoy shared community amenities such as a clubhouse with coffee bar, outdoor pool with grilling center, fitness center, package lockers, business center, dog park, basketball court, playground and a clothes care center.
Vine on North Park is situated on nearly 12 acres at 601 N. Park Blvd. in Grapevine, a northern suburb equidistant between Dallas and Fort Worth downtowns and one of the only DFW suburbs with extremely high barriers to entry for new development. The property is minutes from some of the busiest highways in North Texas, including State Highways 114, 121 and 360, providing convenient access to all major employment centers throughout the Dallas-Fort Worth MSA. The immediate area surrounding the property is supported by a strong demographic base with average annual household incomes exceeding $140,000 within a three-mile radius, and the school district is regarded as one of the best in the state and in the top three percent in the country.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.
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 deliver 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.