$50M refinancing secured for Class A multi-housing property in the Wilmington MSA

LOS ANGELES, Aug. 7, 2024 – JLL Capital Markets announced today that it secured a $50 million bridge loan for the refinancing of Harrington Square apartments, a Class A mixed-use apartment complex located in Leland, North Carolina, within the Wilmington MSA.

JLL worked on behalf Latitude Management Real Estate Holdings to secure the four-year, floating-rate bridge loan from Bridge Investment Group Holdings Inc.

The Harrington Square apartments feature a 14-building complex with 349 units, developed in two phases. The first phase, completed in 2018, includes a 11,375 square foot retail component and 189 apartment units, while the second phase, finished in 2020, added an additional 144 units. Since acquiring the property in May 2021, Latitude added an additional 16 units, bringing the total unit count to 349.

With a variety of studio, one-, two- and three-bedroom apartments, the units at Harrington Square offer an average size of 1,154 square feet. Residents enjoy a wide range of amenities, including a resort-style pool, a veranda with TVs and lounge area, a 24-hour fitness/yoga studio, a dog park, pet wash stations, on-site laundry facilities, a media room with billiards and gaming, valet trash services, package locker room and a Starbucks Barista station. Conveniently located along Harrington Road, the property also offers easy access to both the attractions of Wilmington and the beaches of Brunswick County in North Carolina.

The JLL Capital Markets Debt Advisory team was led by Managing Director Brian Halpern, Senior Managing Director Jeff Sause, Director Ward Smith, Vice President Jason Rosin and Associate Jalynn Borders.

“We are proud to have facilitated the loan for this luxury apartment complex,” said Smith. “The refinancing will provide stability and further enhance the property’s value, reinforcing its role as a premier residential destination in the Wilmington market.”

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 sales and 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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Latitude is a private real estate fund manager specializing in multifamily investments that has successfully closed over $4 billion in transactions across all primary commercial real estate property types over the past 20 years.

Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $48.0 billion of assets under management as of March 31, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select verticals across real estate, credit, renewable energy, and secondaries strategies.