JLL Capital Markets announced that it has arranged a $67 million refinancing for Nolan Mains, a 100-unit, mixed-used, mid-rise apartment community located in the 50th and France neighborhood of Edina, Minnesota.
JLL worked on behalf of the borrower, Buhl Investors and Saturday Properties, to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in 2019, Nolan Main was a public-private partnership with the City of Edina, helping transform and revitalize their historic downtown area. In addition to the 100 luxury units, there are 16 retailers and two-levels of underground parking. Community amenities include a rooftop bar, spa with sauna and steam room, fitness center, a sunroom, a fenced dog run, gourmet chef ‘s kitchen, indoor and outdoor fireplace and seating area, club room and golf simulator.
The property is located in a live-work-play community with high barriers to entry. Additionally, the location offers walkability to the numerous shopping and dining options within the area.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Managing Director Scott Loving and Analyst Will Hintz.
“The borrower’s execution of this development from concept to stabilization has been incredibly impressive,” said Loving. “The property’s unique characteristics, including a valuation per unit that was significantly higher than any other multi-housing property in the market and its total of 16 retail tenants, required a complex refinancing. The borrower achieved multiple goals with the refinancing, including securing long-term, non-recourse debt with a significant interest-only period, while returning a portion the initial capital to its investors.”
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, 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 and sales 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.