JLL Capital Markets announced it arranged a $53.16 million, 71 percent LTC, acquisition financing for the Harrington Village Apartments, a multihousing property located in Leland, North Carolina, part of the Wilmington, North Carolina metropolitan area.
JLL worked on behalf of the borrower, Latitude Management Real Estate Holdings, Inc. (Latitude), to secure the non-recourse, full-term, interest-only bridge loan through Sound Point Capital Management, LP. Latitude has immense experience working in this region, having a total of 1,867 multihousing units in a portfolio consisting of over 10 properties throughout North Carolina, South Carolina and Georgia, as well as nearly 4,000 units of multihousing product nationally.
The apartments total 387,315 square feet and consist of 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet and are available for lease. Apartments feature granite countertops, in-unit washer and dryer connections, 9-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a Bark Park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area. At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of 2021. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land that is adjacent to the subject property.
Located at 4276 Harrington Rd., the Harrington Village Apartments are centrally positioned between the attractions of Wilmington and North Carolina’s Brunswick County Beaches. The subject property has access to major thoroughfares and public transit options, providing easy access to many of the area’s key employment hubs, including Downtown Wilmington and Myrtle Beach. In addition, the subject property has immediate access to an abundance of adjacent retail, including CVS, Piggly Wiggly grocery store, Food Lion grocery store, Ace Hardware, BB&T Bank, Family Dollar, Advance Auto Parts, Walgreens and others. Lastly, according to United Van Lines’ annual study, Wilmington was the number one city in the country for inbound moves in 2020.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Brindley, Managing Director Jeff Sause, Director John Gavigan and Analyst Harrison Kalt.
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 deliver best-in-class solutions for clients—whether investment sales 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.