November 11, 2019– JLL announced today that it has arranged financing for Springdale Apartments, a 199-unit apartment community located in the Milwaukee suburb of Waukesha, Wisconsin.
JLL worked on behalf of the sponsor, Spaulding Group, to secure the fixed-rate loan through Argentic Real Estate Finance LLC. The 75% LTV loan has a term of 10 years with interest-only payments for the length of the loan.
Springdale Apartments is situated on 13.9 acres at the southeast corner of Bluemound and Springdale Roads approximately 20 miles west of downtown Milwaukee. The 95.5% occupied property offers excellent access to recreation, transportation, employment centers and premier shopping. Springdale Apartments consists of eight two- and three-story buildings comprising 199 one-, two- and three-bedroom units ranging between 677 and 1,210 square feet along with 264 surface parking spaces. Community amenities include a heated outdoor swimming pool, clubroom, fully equipped fitness center, volleyball court, playground and picnic area.
The JLL Capital Markets debt placement team representing the borrower was led by Senior Vice President Brian Walsh and Associate Patrick Healy.