JLL secures $27.5 million refinancing through Fannie Mae

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.

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.

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 Contact:

 Kimberly Steele

JLL Senior Associate,

Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.