JLL Capital Markets announced that it has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a new 253-unit multihousing development in Ann Arbor, Michigan.
JLL worked on behalf of the developer, S.R. Jacobson Development Corp. and ARCO Construction, to arrange the equity partnership with a blue-chip life insurance company. Additionally, JLL placed the 42-month, floating-rate construction loan with Flagstar Bank.
With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Units will feature stainless steel kitchen appliances, full size in-unit washer and dryer, high-efficiency windows and balconies. The complex will offer residents a sidewalk system, dog park, clubhouse with deck and pool, jogging/walking trail, 1.06-acre park, fitness center, bike parking and personal storage.
Located on S Maple Road, adjacent to nearly 20-acres of protected recreational areas in Hansen Nature Area & Dicken Woods, Avant is 1.5 miles west of University of Michigan Stadium (aka ‘The Big House’) and 2 miles SW of campus. Recognized nationally as one of the best places to live, Ann Arbor offers residents top healthcare and education as well as a wide variety of retail restaurants and entertainment options. A well-educated workforce has become a driving factor for employers drawn to the area. University of Michigan is a driving force for innovation and progress in both technology and medicine.
The JLL Capital Markets team representing the developer was led by Managing Director Matthew Schoenfeldt.
“S.R. Jacobson Development Corp. and ARCO Construction have an exceptionally well-conceived and well-located apartment project in store for Ann Arbor, and Flagstar’s local knowledge benefitted us at every turn,” commented Schoenfeldt. “Prospective residents will undoubtedly find the large, nicely-appointed units and state-of-the-art amenities to be a compelling reason to live in this new community.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
