$21.25M loan arranged for Six Points Apartments near Milwaukee
JLL Capital Markets arranged a loan for the Spaulding Group’s multi-housing acquisition
CHICAGO, July XX, 2021 – JLL Capital Markets announced today that it has arranged $21.25 million in acquisition financing for Six Points Apartments, a 178-unit, market-rate multi-housing community in downtown West Allis, Wisconsin.
JLL worked on behalf of the borrower, Spaulding Group, to secure the three-year, floating-rate loan through Prime Finance. The loan will be used to acquire and renovate the property. The acquisition of Six Points is consistent with Spaulding Group’s thesis of investing in well-located, high-quality properties that offer both strong current income characteristics and long-term appreciation.
Built in phases between 2007 and 2010, Six Points Apartments comprises one- and two-bedroom units averaging 1,038 square feet. Units feature a full-size washer and dryer, full kitchen appliance package, spacious floor plans, private patio or balcony and 10- to 12-foot ceilings in select units. The community offers a luxury clubhouse with WiFi lounge, spacious rooftop deck, heated underground parking, business center and fitness center.
Located at 6501 West Greenfield Ave., Six Points Apartments is within walking distance to several restaurants, shopping centers, recreation activities and educational institutions. The community is also a short drive to the Milwaukee Brewer’s (MLB) Field. Centrally located between Milwaukee and Waukesha, West Allis offers a lively urban mix of dining, shopping, nightlife and entertainment, balanced by opportunities to relax, create or enjoy the outdoors.
The JLL Capital Markets debt team that represented the borrower was led by Senior Director Brian Walsh.
“Lenders are drawn to Milwaukee’s steady growth characteristics,” Walsh said. “When coupled with Spaulding’s track record in Southeast Wisconsin and hands-on management strategy, it resulted in an extremely competitive financing process.”
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 $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 Spaulding Group
The Spaulding Group is real estate investment and management company providing rental services to tenants and property owners in the Southern Wisconsin area. The sponsor is family-owned and invests and manages residential, commercial and industrial properties throughout Southeastern Wisconsin. They currently own and manage over 875 residential apartment properties with an aggregate value exceeding $100 million.
About Prime Finance
Prime Finance is one of the most active non-bank commercial real estate lenders in the United States with over $10 billion of assets and surplus capital. In addition to providing financing for office, retail, hotel, industrial, multifamily, mobile home, self-storage and mixed use properties in all markets around the United States, the firm is an active investor in CMBS as well as high yield and distressed CRE debt and hybrid debt/equity investments.