JLL arranges financing for Milwaukee-area apartments

Loan proceeds funded Spaulding Group’s acquisition of the Waukesha community

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Springdale Apartments
JLL announced today that it has arranged financing for Springdale Apartments, a 199-unit apartment community located in the Milwaukee suburb of Waukesha, Wisconsin.

JLL announced today that it has arranged financing for Springdale Apartments, a 199-unit apartment community located in the Milwaukee suburb of Waukesha, Wisconsin.

JLL worked on behalf of the sponsor, Spaulding Group, to secure the fixed-rate loan through Argentic Real Estate Finance LLC. The 75 percent LTV loan has a term of 10 years with interest-only payments for the length of the loan.

Springdale Apartments is situated on 13.9 acres at the southeast corner of Bluemound and Springdale Roads approximately 20 miles west of downtown Milwaukee. The 95.5 percent occupied property offers excellent access to recreation, transportation, employment centers and premier shopping. Springdale Apartments consists of eight two- and three-story buildings comprising 199 one-, two- and three-bedroom units ranging between 677 and 1,210 square feet along with 264 surface parking spaces. Community amenities include a heated outdoor swimming pool, clubroom, fully equipped fitness center, volleyball court, playground and picnic area.

The JLL Capital Markets debt placement team representing the borrower was led by Senior Vice President Brian Walsh and Associate Patrick Healy.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.