JLL Real Estate Capital, LLC

Agency

JLL Capital Markets is the debt placement and origination arm of Jones Lang LaSalle (Chicago, IL), with $38.0B in CRE capital markets volume in 2024. The firm is a Fannie Mae DUS and FHA/HUD lender, having originated 395 FHA-insured loans totaling $6.2B since 2009 and $3.9B in Fannie Mae volume in 2025. Publicly traded on the NYSE under ticker JLL.

AgencyType

Chicago, ILHQ

$38.0BTotal Volume

Active 2025

Key Contacts

us.jll.com

Steve Henderson

OriginationsPrimary

Senior Managing Director

(713) 852-3580 steve.henderson@jll.com

C. W. Early

Originations

Senior Managing Director, Affordable Housing

(443) 858-8000

Mark Gibson

Originations

CEO, Capital Markets, JLL

Christian Ulbrich

President and CEO, JLL

FHA Deal Activity

390

FHA Endorsements

$15.4M

Avg Deal Size

156

Avg Units

States

Individual FHA-insured initial endorsements, FY2009–FY2026

Top 10 Markets: MN (153) · FL (42) · CA (32) · TX (28) · VA (28) · MD (10) · GA (9) · IL (8) · UT (7) · WI (7)

Programs: 223(f) Purchase/Refi (233) · 223(a)(7) Refi (96) · New Const/Rehab (59) · 241(a) Improvements (2)

31% LIHTC · 10% Tax-Exempt Bonds

Source: HUD FHA Multifamily Production Reports

View all 390 FHA deals →

Recent FHA Deals

Dec '25SALT LAKE CITY, UTNew Const/Rehab

$10.2M

Dec '25LEESBURG, FL241(a) Improvements

$10.9M

Nov '25MIDLAND, TX223(f) Purchase/Refi

$39.9M

Oct '25DENTON, TXNew Const/Rehab

$63.5M

Oct '25ROCK HILL, SCNew Const/Rehab

$23.5M

Active loans held →Maturity wall →Rate tracker →

FHA Portfolio

293

Active Loans

$4.3B

Outstanding

5.71%

Recent Avg Rate

35 yr

Avg Term

Rates and balances on FHA-insured loans currently held in portfolio, as of February 2026

Recent FHA Rate Comps

DateLocationAmountUnitsProgramTermRate

Dec '25Leesburg, FL$10.9M140223(f)38 yr5.29%

Dec '25Salt Lake City, UT$10.2M55221(d)(4)40 yr5.77%

Nov '25Midland, TX$39.9M300223(f)35 yr5.29%

Oct '25Denton, TX$63.5M307221(d)(4)40 yr5.78%

Oct '25Rock Hill, SC$23.5M120221(d)(4)40 yr6.06%

Oct '25Miami, FL$113.8M279223(f)35 yr5.21%

Jul '25Denver, CO$13.4M100223(f)35 yr5.56%

Jul '25Worthington, MN$8.7M82223(f)35 yr6.07%

Jul '25Lafayette, IN$39.8M305223(f)35 yr5.95%

Jul '25Sioux Falls, SD$36.5M307223(f)35 yr5.93%

Avg rate across last 20 endorsed loans5.71%

Full Portfolio: 3.39% avg rate · range 2%–6.28%

2 loans ($1.8M) maturing by 2031

MaturityLocationOutstandingUnitsRate

Jun 2029Missoula, MT$1.4M993.58%

Oct 2030Hibbing, MN$444K1352.48%

Top States: MN (121) · TX (27) · FL (25) · WI (16) · CA (15)

Source: HUD Insured Multifamily Mortgages

Fannie Mae DUS Activity

Years in Top 10

$18.9B

Total DUS Volume

$3.9B

2025 Volume

Source: Fannie Mae DUS Lender Rankings

Lending Programs

Visit us.jll.com for current lending programs and rates.

Deal History

Annual volume by program source.

2021

$4.3B

2022

$4.2B

2023

$3.4B

2024

$3.0B

2025

$3.9B

Sources: Fannie Mae

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