$32.45M acquisition financing secured for Magnolia Terrace apartments
JLL Capital Markets represented Stonebridge Investments to secure the loan with Freddie Mac
CHARLOTTE, N.C., September 11, 2020 – JLL Capital Markets announced today that it has arranged $32.45 million in acquisition financing for the Magnolia Terrace multi-housing community located at 8301 Paces Oaks Blvd. in Charlotte, North Carolina.
JLL worked on behalf of the borrower, Stonebridge Investments, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Built in 1989, Magnolia Terrace is a three-story apartment building with 264 garden-style units, totaling 242,136 square feet. The one-, two- and three-bedroom apartments, averaging 561 square feet, are newly renovated and include a breakfast bar with pendant lighting, an open floor plan, walk-in closets and patios and balconies, along with select units offering vaulted ceilings and fireplaces. Community amenities include picnic and grilling areas, a business center, fitness center, playground, pool and sundeck. Magnolia Terrace is also pet-friendly, and residents can enjoy an onsite Bark Park.
The property is positioned in UNC Charlotte/University City, a submarket dubbed as one of the largest employment nodes in the area, with key drivers such as the Carolinas Medical Center and University Research Park. Additionally, Magnolia Terrace is just a few minutes from I-85 and I-77, allowing smooth access to anywhere in the Charlotte metropolitan area – a region known as a prime commuting location with half of a million workers living just 30 minutes from their workplaces.
“We are excited to expand our portfolio into the Carolinas and enter the Charlotte market,” said Will Bateman, Director, StoneBridge Investments. “We are bullish on Charlotte as a whole, and University City in particular, due to its proven track record of growth, high quality of life and ability to attract top employers. Magnolia Terrace has a history of strong performance that we believe we can build on through continued upgrades to the units and common areas, providing our residents with high-quality homes at relatively affordable price points.”
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Managing Director Cory Fowler and Director Amit Kakar.
“Stonebridge stepped up to acquire a great property when most investors were on the sidelines trying to make sense of how the pandemic would affect real estate assets,” Fowler stated. “They were rewarded with a very attractive loan that will further boost their returns.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stonebridge Investments
Stonebridge Investments is a privately held investment company focused exclusively on the multifamily market. The firm is an experienced, hands-on, entrepreneurial investors, involved in all aspects of its projects from end-to-end. The firm shares a passion for real estate and a core desire to create excellent living environments for all its residents. Headquartered in Washington, DC, Stonebridge maintain offices in Orlando and Amsterdam. The firm’s investment footprint spans major markets throughout the Mid-Atlantic and Southeast US. Together, key principals of the firm have more than 60 years of experience in the real estate industry, ranging from brokerage to capital markets to acquisition to investment and fund management.