$60M Bridge Financing Secured for VA Luxury Multifamily Property
JLL has secured $59 million in financing for Ellipse Urban Apartments, a 287-unit luxury apartment complex in Hampton, Virginia.
JLL worked on behalf of the borrower, a joint venture between Madison International Realty and The Accend Companies, in arranging the floating rate loan through funds managed by affiliates of Fortress Investment Group. JLL Capital Market’s Debt Advisory team was led by Senior Managing Directors Steven Klein and Jim Cadranell, Senior Director Reina Abboud and Associate John Cumming.
Ellipse Urban Apartments, located at 2001 Commerce Dr., offers easy access to I-64, I-664 and Rte-60, and is situated just 15 minutes from the Hampton Roads Bridge-Tunnel. The property features studios, one-, two- and three-bedroom units.
“Ellipse Urban Apartments represents a unique multifamily investment opportunity due to its high proportion of military personnel within the tenant base and specialized Home 4 Now program offering furnished units with flexible lease terms,” said Klein.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout