JLL Capital Markets announced that it has arranged $27.5 million in financing for Harmony Heights Apartments and Stoney Creek Apartments, two garden-style multihousing communities totaling 533 units in Rapid City, South Dakota.
JLL worked on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP, to originate two uncrossed, 10-year, fixed-rate Fannie Mae loans. The loans, which will be used to refinance existing financing, will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Harmony Heights Apartments consists of 15 three-story buildings housing 255 units. The property is situated on 17.43 acres at 1819 Harmony Heights Lane just south of Interstate 90 in Rapid City.
The 278-unit Stoney Creek Apartments is situated on 27.5 acres at 2710 Wilkie Drive approximately five miles south of downtown Rapid City. Developed by the borrower in 2008, the property consists of 16 three-story residential buildings along with a clubhouse and 29 detached garages.
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 multi-housing 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.
