JLL Capital Markets arranged the financing for the 40-unit Element 79 in Helena, Montana
News release
05 April 2023
Montana apartment complex secures $3.2M in financing
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DENVER, April 5, 2023 – JLL Capital Markets announced today that it has arranged the $3.2 million financing for Element 79, a 40-unit, garden-style apartment complex in Helena, Montana.
JLL marketed the loan on behalf of the borrower, Graystoke Capital Partners, to secure the seven-year, full-term interest only, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Constructed in 1963 and renovated in 1985, the property features studio, one-, two- and three-bedroom units with an average size of 656 square feet. Community amenities include storage lockers, community laundry, high speed internet, pet-friendly offerings, easy parking and convenient walkability.
Situated at 301 W. Lawrence St., the community is located within walking distance to Helena’s historical Last Chance Gulch commercial and entertainment district.. Mt. Helena is less than an 11-minute walk from the property. Additionally, the community sits in the Helena School district, a top tier district in all of Montana.
”We are thrilled with the execution delivered within a tight timeframe by Tony and his team at JLL. Regardless of loan size, they make the Agency process smooth,” noted Matt Steffen, Managing Principal at Graystoke Capital Partners.
The JLL Capital Markets Debt Advisory team was led by Managing Director Tony Nargi.
“JLL is thrilled to be involved in another financing for Graystoke. They are an absolutely tremendous owner operator in the Mountain West that can uncover excellent deals in any market environment. Fannie Mae provided very strong pricing, full-term interest only and an overall great execution for this 5-50 unit “mission-driven” property,” said Nargi.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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 and sales 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.
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About JLL
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 $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Graystoke Capital Partners
Graystoke Capital Partners ("Graystoke") is a vertically integrated and regionally focused private equity firm that acquires, owns and manages, through its wholly owned property management subsidiary Madrona Pacific Properties, multifamily properties in the Mountain West region. We invest in secondary and tertiary markets where the economic fundamentals support an emerging trend of liquidity.
Based in Boise, Idaho, with a satellite office in Denver, Colorado, we are local in the markets we invest in, giving us an advantage in sourcing, due diligence, structuring and capital recovery.