JLL Capital Markets announced that it has secured a $51.5 million senior loan for Mossdale Landing Apartments, a newly completed 204-unit Class A multifamily community in Lathrop, California.
JLL represented the borrowers, Rubik Built, Wright Equities and The Grupe Company, in arranging the five-year, fixed-rate financing through a JLL correspondent life insurance company.
Mossdale Landing Apartments, located at 18008 Golden Valley Parkway, features 204 garden-style apartment units comprising one-, two- and three-bedroom floor plans across 196,686 square feet of rentable space.
The community features high-end interior finishes and a comprehensive amenity package including a modern communal lounge, deluxe fitness studio, swimming pool with cabanas, spa, barbecue grilling stations, meditation room, dog spa and an electronically accessible Amazon mailing room.
The property is strategically positioned just a short drive from Lathrop Marketplace, which features national retailers such as Target, Sprouts, Chick-fil-A and In-N-Out Burger. Lathrop has experienced significant economic growth with major employers bringing over 6,000 new jobs to the area. The property is located directly across from multiple Tesla production facilities and near numerous other corporate operations.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Jeff Sause and Associate Jalynn Borders.
“This financing represents the culmination of a successful relationship among the sponsorship team, and JLL’s ability to leverage our correspondent life insurance company relationships to deliver a cash neutral execution with prepayment flexibility.” said Sause. “The borrower strategically chose life company over agency options as it allowed them to maximize proceeds while executing immediately upon the property reaching stabilization at 93% occupancy. The sponsor’s deep expertise in this market, coupled with Wright Equities’ exceptional property management, facilitated this impressive lease-up performance and demonstrates the robust demand for high-quality multifamily housing in this growing submarket.”
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.
