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News release


Heritage Landing Apartments receives fixed-rate permanent loan

JLL arranges $28.8 million loan with Principal Real Estate Investors to refinance 229-unit apartment community

MINNEAPOLIS, June 25, 2018 – JLL's Capital Markets experts arranged a $28.8 million fixed-rate loan to refinance Heritage Landing Apartments, a 229-unit apartment community located in the Warehouse District of Minneapolis. Principal Real Estate Investors of Des Moines, Iowa, provided a 29-year fully amortizing loan with one year of interest only. 

International Director Ken Dayton, Senior Vice President Russ Kappenman and Vice President Gary Marchiori of JLL arranged the financing on behalf of Minneapolis-based StuartCo. Kristin Maletta of Principal Real Estate investors represented the lender.

"This new debt retires an existing HUD loan and provides greater flexibility for ownership moving forward," said Kappenman. "Principal was attracted to the solid in-place income, strong location and quality of sponsorship," he added.

Constructed in 2000, Heritage Landing is a Class A apartment community comprised of two connected buildings that form a "C" shape around the central courtyard. One portion of the building is eight-stories while the other is four-stories. The property also includes two levels of underground, heated parking below the entire complex. The community is 95 percent occupied.

Heritage Landing is located in Minneapolis' vibrant Warehouse District, an area surrounded by innovative restaurants and bars as well as several start-up businesses. The Minneapolis Farmers Market and the Minnesota Twins' baseball stadium are just a few blocks away.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit