|Jones Lang LaSalle's capital markets team recently financed some high-caliber deals, so we called up JLL managing partner Paul House (right, with his boss Roger Staubach, last October) last night to get some specifics. The firm closed two really big refi deals in Dallas in the last couple weeks, The Crescent and Trammell Crow Center. Both were mid-level leverage financings of trophy assets with life insurance companies. Paul says The Crescent is one of the coolest buildings in the Southwest, which may have helped it nab ?very very good financing:? $205M in a 10-year IO loan from MetLife. Paul says deals like this have the best lenders in the country bending over backwards to provide financing. The Trammell Crow Center was another large loan, $93M with Northwest Mutual. Paul tells us large deals like these can be difficult to find one group to cover, but since they're trophy assets, it was smooth sailing.
|We also met with vice chairman Tom Melody for some big picture low-down. Tom tells us since his group moved to JLL 18 months ago, its closed $4B excluding investment sales and has hired 40 people nationwide. In March, it bought the Primary Capital Co, putting the team into servicing and Freddie Mac financing. Today, Tom's watching international money. Nine months ago he visited Munich and was told they only wanted property in NY and DC, but now they're looking at markets like Dallas to get yield and escape the competition. Tom tells us the entrance of international money may push cap rates even further down.