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| The 278-unit Stoney Creek Apartments is situated on 27.5 acres at 2710 Wilkie Drive approximately five miles south of downtown Rapid City, SD |
DENVER, CO, June 29, 2020 – JLL Capital
Markets announced today that it has arranged $27.5 million in financing for Harmony
Heights Apartments and Stoney Creek Apartments, two garden-style
multi-housing communities totaling 533 units in Rapid City,
South Dakota.
JLL
worked on behalf of the borrowers, Harmony Heights Associates LLP and Stoney
Creek Associates LLP, to originate two uncrossed, 10-year, fixed-rate Fannie
Mae loans.
The loans,
which will be used to refinance existing financing, will be serviced by Jones
Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
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| Brock Yaffe |
Harmony Heights Apartments consists of 15 three-story
buildings housing 255 units. The property is situated on 17.43 acres at 1819
Harmony Heights Lane just south of Interstate 90 in Rapid City.
The 278-unit Stoney Creek Apartments is situated on
27.5 acres at 2710 Wilkie Drive approximately five miles south of downtown
Rapid City.
Developed by the borrower in 2008, the property consists of 16
three-story residential buildings along with a clubhouse and 29 detached garages.
The JLL Capital Markets team representing the borrower
was led by Senior Director Brock Yaffe.
For more news, videos and research resources on JLL, please
visit our newsroom.
Contact:
Kimberly
Steele
JLL
Senior Associate,
Public
Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
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