JLL Capital Markets announced that it has arranged a $15.7 million loan and $9.7 million of joint venture equity for Allen Ridge, a 125-unit multifamily community in Greenville, North Carolina.
JLL helped create the joint venture partnership between Eminent Capital and Corten Real Estate. Additionally, JLL worked on behalf of the newly formed partnership to originate a five-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.
Allen Ridge, located at 1005 Allen Ridge Drive, is a build-to-rent community that consists of townhome-style duplex units. The property was built in two phases, with Phase I completed in 2008 and Phase II in 2023. At closing, the community boasted a strong 98.4% occupancy rate.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Senior Director Amit Kakar, Associate Sean O’Brien and Analyst Sydney Powell.
“The Eminent and Corten teams were both attracted to the resilient fundamentals of the BTR space as well as the strong demographics of the Greenville, NC market,” said Leachman. “Additionally, the two firms share common values, approach and investment theses which will lead to an effective partnership.”
“Allen Ridge is the fourth specialty muti-family investment made by our firm in the last six months, so this is clearly an area of focus for us. Additionally, Corten has been keen to forge relationships with experienced Southeast-focused, middle market sponsors that have established sourcing channels. Eminent more than fit the bill in all regards,” Corten Principal, Brandon Flury noted.
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.
