Wealhouse Capital Secures $373M Refi

JLL Capital Markets arranged the loan for the 10-property portfolio totaling 2,500 apartments.

Property in the Wealhouse portfolio. Image courtesy of JLL Capital Markets

Wealhouse Capital has secured $372.6 million to refinance a portfolio of 10 apartment communities totaling 2,549 apartments. The properties are located across the states of Texas and Arizona. JLL Capital Markets arranged the loan.

The portfolio includes Artisan Park Apartments, Sierra Walk, Spring Meadow and Summers Point in Glendale, Ariz.; Carlyle at South Mountain, Carlyle Townhomes and Glenrosa Park in Phoenix; Autumn Creek and Greentree Place in Chandler, Ariz.; and Bar Harbor in the Houston suburb of Seabrook, Texas.

JLL worked on behalf of Wealhouse Capital to secure the floating rate Fannie Mae loans, to be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender. The JLL Capital Markets Debt Advisory Team representing the borrower was led by Brad Miner, senior managing director, and Elie Miraglia, analyst.

Glendale properties

Artisan Park is a 198-unit apartment community featuring one- and two-bedroom apartments. It was built in 1984 and features a 93.4 percent occupancy. Sierra Walk is 196-unit rental property featuring one- and two-bedroom layouts. Also built in 1984, its occupancy stands at 96.4 percent. Spring Meadow offers 271 one- and two-bedroom apartments. Completed in 1982, it has a 92.6 percent occupancy level. Summers Point features 164 units in studio, one- and two-bedroom configurations. Constructed in 1978, it carries a 97 percent occupancy rate.

Phoenix properties

Carlyle at South Mountain offers 552 apartments in an array of one-, two- and three-bedroom floorplans. It was built in two phases completed in 1995 and 1997 and currently enjoys a 93.1 percent occupancy. Glenrosa Park Apartment Homes offers a total of 236 apartments in one- and two-bedroom layouts. Built in 1979, its occupancy stands at 99.6 percent.

Other properties

Autumn Creek is a 360-unit apartment community featuring studio, one- and two-bedroom apartment homes. The construction on the property was completed in 1985. The occupancy rate stood at 92.2 percent at the time of the transaction. Greentree Place offers 256 apartments in a blend of one-, two- and three-bedroom layouts. The occupancy level stands at 93.4 percent. The property was completed in 1987.

Bar Harbor is a 316-unit apartment community featuring one- and two-bedroom units. Constructed in 1983, the community’s occupancy stands at 94.3 percent.  Yesterday, JLL Capital Markets arranged a $30 million refi loan for a Los Angeles area senior housing community.

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