JLL Capital Markets announced that it has closed the $59.75 million construction takeout refinancing for The Residences at Galleria, a newly constructed, Class-A, 322-unit, luxury apartment community in the Kansas City suburb of Overland Park, Kansas.
JLL represented the borrower, Block Real Estate Services, to secure the financing through Eagle Realty Group.
Completed in 2022, the five-story The Residences at Galleria features one-, two- and three-bedroom units with large private patios, oversized closets, full-size washers and dryers, quartz countertops, efficient appliances, high-tech smart home features, luxury finishes and an average unit size of 942 square feet. The community’s best-in-class amenities include a state-of-the-art fitness center with yoga and cycle studios, on-site community coworking space, a day spa with a massage room, an expansive sundeck with private cabanas, a city view courtyard, a resort-style pool and hot tub and a media lounge. The apartment community is part of the Galleria 115 masterplan, a 37-acre, ~$350 million mixed-use development that will feature 350,000 square feet of office space, over 105,000 square feet of retail and 678 apartment units upon completion.
Located at 11201 Outlook Street, the property is set south of Interstate 435 and one block south of College Boulevard, the area’s premier office and employment corridor. Within one mile of the community is 11.3 million square feet of office space and 34,600 daytime employees. Major employers within walking distance include Mariner Wealth Advisors, Netsmart, Children’s Mercy Hospital, Menorah Medical Center and the Sheraton Overland Park Hotel and Convention Center. In addition to the retail within Galleria 115, residents will also be proximate to Town Center Plaza, Camelot Court and Hawthorne Plaza, in addition to a Whole Foods and Trader Joe’s.
The JLL Capital Markets Debt Advisory team was led by President Jody Thornton and Managing Directors Mark Erland and Tony Nargi.
“Block was seeking non-recourse bridge construction take-out financing for this market-leading project that was completing lease-up,” Erland said. “Eagle understood the superior project, location within the submarket and strong tenant demand for the product and provided financing that offered prepayment flexibility.”
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.
