JLL Capital Markets announced that it has arranged $28 million in financing for The Cliffs at Minnetonka, a 456-unit garden-style apartment community in Minnetonka near Minneapolis, Minnesota.
JLL worked on behalf of the borrower, The Cliffs Limited Partnership LLP, to originate the 10-year, fixed-rate Fannie Mae loan. The loan, which will be used to refinance an existing loan, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Completed in 1988, The Cliffs at Minnetonka is located at 12300 Marion Lane in a busy commercial corridor close to the Interstate 394 and 494 interchange in suburban Minneapolis. The 27.5-acre site features six four-story buildings with 456 units.
The JLL Capital Markets team representing the borrower was led by Senior Director Brock Yaffe.
JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multihousing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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.