Lewis Investments Announces $17 million Refinancing Transaction

Rhea-AI Summary

Lewis Investments, based in Round Rock, Texas, has successfully completed a $17 million refinancing deal with JLL (NYSE: JLL). This refinancing involves three core assets and was funded by FNMA, featuring a fixed rate of 2.77% for ten years. The refinance aims to secure a non-recourse loan and leverage historically low interest rates. Despite pandemic-related delays, JLL's team found alternative financing solutions, leading to a successful transaction that exceeded expectations.

Positive

• Secured a $17 million refinancing deal with JLL, enhancing financial stability.
• Achieved a favorable fixed-rate of 2.77% for ten years, which can improve cash flow.
• Successfully navigated pandemic-related market challenges with the help of JLL's team.

Negative

• None.

ROUND ROCK, Texas, Jan. 21, 2021 /PRNewswire/ -- Lewis Investments, a real estate investment and development company based in Round Rock, Texas, recently completed a $17 million refinancing transaction with the Fortune 500 company and leading professional services firm, JLL (NYSE: JLL).

The transaction included a refinance of three core assets, funded by FNMA, totaling $17,000,000 with a fixed rate for ten years. The intent of the refinance was to obtain a non-recourse loan and to take advantage of the historically low 10 year T Bill and match the rate (a rate of 2.77% was obtained). 

Early in 2020, Lewis Investments engaged JLL to assist with a multiple property refinance. The sudden pandemic and subsequent seizing of credit markets in March 2020 halted closing and put the project on hold.

"What was initially perceived as unfortunate timing turned out to be good fortune, as the JLL team – Kelly Layne, Chris McColpin, and Alastair Barnes – had the ability to search the market for alternative sources," said Lewis Investments founder Kip Lewis.

The team was successful in finding a source to complete the refinance of a $17,000,000 portfolio of three large manufactured housing (MH) and recreational vehicle (RV) communities owned by Lewis Investments in Central Texas.

"I can't say enough good things about the JLL team," added Lewis. "The debt markets were in turmoil, but they quickly pivoted and secured a refinance package that exceeded my expectations. I am very grateful for the team at JLL for a very successful transaction."

For close to three decades, Kip Lewis and Lewis Investments has developed various real estate projects in Central Texas and has been pivotal in the revitalization efforts of historic downtown Round Rock, TX.

For more information, visit Lewis Investments on Crunchbase and LinkedIn.

About Lewis Investments
Lewis Investments is a Real Estate Investment and Development Company based in Round Rock, Texas. Founded in 1992 by Kip Lewis, the company's focus has been to identify undervalued and poorly managed Commercial Real Estate Opportunities. Core assets owned are RV and MH Properties in Texas, which the company self manages and continues to develop and acquire this asset class. Lewis Investments also develops "build to suit" properties with the intent to hold the triple net lease properties as long term core holdings. Giving back to the community is a core principle of the company.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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SOURCE Lewis Investments

FAQ

What is the significance of the $17 million refinancing transaction for JLL?

The $17 million refinancing transaction is significant for JLL as it showcases their capability to navigate challenging market conditions and secure favorable loan terms for clients.

When was the refinancing transaction completed with JLL?

The refinancing transaction with JLL was completed on January 21, 2021.

What rate was obtained for the refinancing deal completed by JLL?

The refinancing deal completed by JLL secured a fixed rate of 2.77% for ten years.

Which assets were refinanced in the $17 million transaction with JLL?

The refinancing transaction included three core assets owned by Lewis Investments.

How did JLL assist Lewis Investments during the refinancing process?

JLL assisted Lewis Investments by finding alternative financing solutions amid market turmoil caused by the pandemic.