JLL Capital Markets announced that it has arranged $21.25 million in acquisition financing for Six Points Apartments, a 178-unit, market-rate multihousing community in downtown West Allis, Wisconsin.
JLL worked on behalf of the borrower, Spaulding Group, to secure the three-year, floating-rate loan through Prime Finance. The loan will be used to acquire and renovate the property. The acquisition of Six Points is consistent with Spaulding Group’s thesis of investing in well-located, high-quality properties that offer both strong current income characteristics and long-term appreciation.
Built in phases between 2007 and 2010, Six Points Apartments comprises one- and two-bedroom units averaging 1,038 square feet. Units feature a full-size washer and dryer, full kitchen appliance package, spacious floor plans, private patio or balcony and 10- to 12-foot ceilings in select units. The community offers a luxury clubhouse with WiFi lounge, spacious rooftop deck, heated underground parking, business center and fitness center.
Located at 6501 West Greenfield Ave., Six Points Apartments is within walking distance to several restaurants, shopping centers, recreation activities and educational institutions. The community is also a short drive to the Milwaukee Brewer’s (MLB) Field. Centrally located between Milwaukee and Waukesha, West Allis offers a lively urban mix of dining, shopping, nightlife and entertainment, balanced by opportunities to relax, create or enjoy the outdoors.
The JLL Capital Markets debt team that represented the borrower was led by Senior Director Brian Walsh.
“Lenders are drawn to Milwaukee’s steady growth characteristics,” Walsh said. “When coupled with Spaulding’s track record in Southeast Wisconsin and hands-on management strategy, it resulted in an extremely competitive financing process.”
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.