JLL Capital Markets announced that it has arranged a $10.68 million loan for the refinance of The Valencia Apartments, a 127-unit, two-story, garden-style multi-housing community located in Phoenix, Arizona.
JLL worked on behalf of the borrower, CALCAP Advisors, to secure the fixed-rate, five-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Originally built in 1983, The Valencia Apartments recently underwent value-add renovations, enhancing unit fixtures, hardware, exteriors and common areas. Units feature breakfast bars, patios, full-size washer and dryer connections, walk-in closets and upgraded vinyl wood flooring, and community amenities include two pools, a sundeck and covered parking.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Brad Miner, Associate Elle Miraglia and Analyst Frank Choumas.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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.