JLL Capital Markets announced that it has arranged financing for Arlington Park, a 252-unit, garden-style apartment community in West Mobile, Alabama.
JLL worked on behalf of the Dallas-headquartered borrower, Saxony Capital Management, LLC, to secure the three-year, floating-rate loan through The Bancorp, Inc.
Located at 7070 Grelot Road, Arlington Park is set on 20.68 acres just south of Airport Boulevard, one of the area’s most affluent locations with average household incomes of approximately $75,000 per year within one mile of the property. Originally constructed in 2001, the property consists of one-, two- and three-bedroom units averaging 1,166 square feet. The property has recently undergone renovations to the exterior and common areas, including new exterior paint and a completely remodeled clubhouse and fitness center. Other common area amenities include a saltwater pool with outdoor kitchen area, game room with billiards, bark park, car care center and available private one-car garages. The property was more than 96 percent occupied at closing.
The JLL Capital Markets debt placement team representing the borrower was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.
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.