Capitalization secured for DFW mixed-use project

DALLAS, Jan. 8, 2024 – JLL Capital Markets announced today that it has arranged a construction loan for The Grove at La Frontera, a to-be-built, best-in-class mixed-use multi-housing community located within the DFW metroplex in Arlington, Texas. Once complete, the Grove at La Frontera will feature three distinct uses, which include 336 mid-rise apartments, 60 bungalow-style single-family rental units and 10,000 square feet of ground-floor retail.

JLL worked on behalf of the borrower, Zale Properties, to secure the four-year, fixed-rate loan through Principal Asset Management.

With an anticipated completion of 2025, The Grove at La Frontera will provide a unique mix of single-family rentals and mid-rise multi-housing accommodations, which include one-, two- and three-bedroom floorplans. The units will feature full-size washer/dryers, spacious walk-in closets, quartz and granite countertops, nine- to 12-foot ceilings, hardwood-style flooring, stainless steel appliances, private balconies and dual sink vanities. The development will offer an impressive array of amenities, including two resort-style pools, a state-of-the-art fitness center, pickleball courts, a dog park and pet spa, a clubhouse with a coffee bar and coworking spaces. The property will also feature walking trails, a putting green, a community garden, charming pocket parks and private yards.

Situated at 8100 South Collins St., the site is located directly fronting Debbie Lane, which is currently undergoing an expansion from two lanes to a four-lane divided road. The intersection of Debbie Lane and Matlock Road is less than one mile from the project and serves as the primary thoroughfare that connects residents with a dense set of retail and entertainment options in the immediate area, as well as a robust highway system that provides access to both Dallas and Fort Worth. The property is just a 25-minute drive to Fort Worth’s Sundance Square and a 30-minute drive to Uptown Dallas. Residents of The Grove at La Frontera will also be only 3.4 miles away from Mansfield Town Center and Mansfield Towne Crossing, which are two high performing shopping centers that are adjacent to one another and boast more than 7 million combined visits per year. Additionally, nearby lifestyle and entertainment attractions include the 7,400-acre Joe Pool Lake, Mansfield National Golf Club, Downtown, Hawaiian Falls Water Park, AT&T Stadium and Globe Life Park, Texas Live!, Six Flags Over Texas and Hurricane Harbor.

The JLL Capital Markets team was led by Senior Managing Director John Brownlee, as well as Bo Beidleman and Chad Lisbeth.

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 and sales 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.

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Zale Properties has extensive industry experience that enables them to understand, transact, and execute on complex, multi-faceted projects. Zale Properties competitive advantage lies in their ability to leverage the synergies between their real estate development and general construction operations, which translates to a streamlined and efficient predevelopment, design and construction process. For further information, visit zaleproperties.com.

With public and private market capabilities across all asset classes, Principal Asset Management^SM and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for its clients. Its dedicated real estate investment team manages or sub-advises $95.5 billion in commercial real estate assets.¹ The firm's real estate capabilities include both public and private equity and debt investment alternatives.

Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $506.9 billion in assets¹ and recognized as a Top 10 “Best Places to Work in Money Management³” for 11 consecutive years. Learn more at www.PrincipalAM.com.  

_[1] As of September 30, 2023

_[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2022.