Zale Properties Secures $58.3 Million Construction Loan for Multifamily Property in Rowlett
Zale Properties has secured a $58.3 million construction loan from Principal Global Investors for a 394-unit multifamily property in Rowlett, Texas.
Zale Properties has secured a $58.3 million construction loan from Principal Global Investors for a 394-unit multifamily property in Rowlett, Texas. The eight-year, fixed-rate loan was arranged by John Brownlee and Wilson Bauer of JLL.
The property is located at 30 Dalrock Rd in Rowlett, a suburb of Dallas. The multifamily property is expected to be completed in 2023 and will feature a mix of one-, two-, and three-bedroom units.
Zale Properties, the landlord, is a Dallas-based real estate investment firm that specializes in multifamily properties. The company has a portfolio of over 5,000 units in the Dallas-Fort Worth area.
Principal Global Investors, the lender, is a global asset management firm with over $500 billion in assets under management. The firm provides a range of investment solutions to institutional and individual investors.
John Brownlee and Wilson Bauer of JLL arranged the loan on behalf of Zale Properties. JLL is a leading commercial real estate services firm that provides a range of services to clients around the world.
The Rowlett multifamily market has been strong in recent years, with high demand for rental properties and low vacancy rates. The addition of the new property is expected to further strengthen the market and provide much-needed housing options for residents of the area.
Overall, the $58.3 million construction loan for the Rowlett multifamily property is a significant deal for both Zale Properties and Principal Global Investors. The property is expected to be a valuable addition to Zale’s portfolio and a strong investment for Principal Global Investors.