$53.16M acquisition financing secured for apartments near Myrtle Beach
JLL Capital Markets secured the financing on behalf of Latitude Management Real Estate Holdings for the multi-housing property located in Leland, NC
CHARLOTTE, June 8, 2021 – JLL Capital Markets announced today it arranged a $53.16 million, 71% LTC, acquisition financing for the Harrington Village Apartments, a multi-housing property located in Leland, North Carolina, part of the Wilmington, North Carolina metropolitan area.
JLL worked on behalf of the borrower, Latitude Management Real Estate Holdings, Inc. (“Latitude”), to secure the non-recourse, full-term, interest-only bridge loan through Sound Point Capital Management, LP. Latitude has immense experience working in this region, having a total of 1,867 multi-housing units in a portfolio consisting of over 10 properties throughout North Carolina, South Carolina and Georgia, as well as nearly 4,000 units of multi-housing product nationally.
The apartments total 387,315 square feet and consist of 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet and are available for lease. Apartments feature granite countertops, in-unit washer and dryer connections, 9-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a Bark Park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area. At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of 2021. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land that is adjacent to the subject property.
Located at 4276 Harrington Rd., the Harrington Village Apartments are centrally positioned between the attractions of Wilmington and North Carolina’s Brunswick County Beaches. The subject property has access to major thoroughfares and public transit options, providing easy access to many of the area’s key employment hubs, including Downtown Wilmington and Myrtle Beach. In addition, the subject property has immediate access to an abundance of adjacent retail, including CVS, Piggly Wiggly grocery store, Food Lion grocery store, Ace Hardware, BB&T Bank, Family Dollar, Advance Auto Parts, Walgreens and others. Lastly, according to United Van Lines’ annual study, Wilmington was the number one city in the country for inbound moves in 2020.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Brindley, Managing Director Jeff Sause, Director John Gavigan and Analyst Harrison Kalt.
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 deliver best-in-class solutions for clients — whether investment sales 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Latitude Management Real Estate Holdings
Latitude is a private real estate fund manager specializing in multifamily investments and have successfully closed over $4 billion in transactions across all primary commercial real estate property types over the past 20 years. Latitude aims to generate favorable, risk-adjusted returns for investors through value-add capital improvements, leasing strategies, and active asset management. Latitude has immense experience working in this region, having a total of 1,867 multi-housing units in a portfolio consisting of over 10 properties throughout North Carolina, South Carolina, and Georgia, as well as nearly 4,000 units of multi-housing product nationally. For further information, visit latitudeinvestors.com.
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending, and commercial real estate. Sound Point currently manages approximately $25 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, an affiliate of Neuberger Berman Group, are strategic investors in our business. For more information, please visit Sound Point's website at www.soundpointcap.com.