Dealmaker: JLL Secures $50M Refinancing for Wilmington, N.C. Multifamily

(Illustration courtesy of JLL)

JLL Capital Markets, Chicago, secured a $50 million bridge loan that refinanced Harrington Square apartments, a Class A mixed-use community in Leland, N.C. near Wilmington.

A JLL Capital Markets Debt Advisory team led by Managing Director Brian Halpern, Senior Managing Director Jeff Sause, Director Ward Smith, Vice President Jason Rosin and Associate Jalynn Borders represented Latitude Management Real Estate Holdings, Bevery Hills, Calif., to secure the four-year, floating-rate bridge loan. Bridge Investment Group Holdings Inc., Salt Lake City, supplied the financing.

Harrington Square apartments is a 14-building property totaling 349 units. 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 has added 16 units, bringing the total unit count to 349.

With a mix of studio, one-, two- and three-bedroom apartments, the units at Harrington Square average 1,154 square feet. Located along Harrington Road, the property offers easy access to both the attractions of Wilmington and the beaches of Brunswick County in North Carolina.