JLL has secured $27.5 million in financing for Harmony Heights Apartments and Stoney Creek Apartments, two garden-style communities totaling 533 units in Rapid City, S.D. Senior Director Brock Yaffe led the Capital Markets team which arranged the two uncrossed, 10-year, fixed-rate Fannie Mae loans on behalf of the borrowers. JLL will service the financing, which will be used to pay off existing debt.
“Rapid City has a stable and thriving economy that has proven resilient through various market cycles. That, and the quality of these best-in-class assets and their location on the desirable west side of the city, allowed the borrower to refinance existing loans at historically low interest rates,” Yaffe told Multi-Housing News.
The 255-unit Harmony Heights occupies more than 17 acres at 1819 Harmony Heights Lane, just south of Interstate 90. The community includes one- to three-bedroom floorplans, ranging from 702 to 1,294 square feet, in 15 three-story buildings.
Situated on 27.5 acres at 2710 Wilkie Drive, the 278-unit Stoney Creek is some 5 miles south of downtown Rapid City, west of Route 16. The property consists of 16 three-story buildings developed by the borrower in 2008. Amenities include a two-story clubhouse, heated outdoor pool, basketball court and dog park.
This week, Yaffe also arranged $28 million in financing for a 456-unit community in Minnetonka, Minn. The borrower will also use the loan proceeds to replace an existing mortgage.