REBusinessOnline

Latitude Management Receives $53.2M Acquisition Financing for Apartment Community in Leland, North Carolina

Harrington Village Apartments

Harrington Village Apartments is a multifamily property located at 4276 Harrington Road in the Wilmington suburb of Leland.

LELAND, N.C. — Latitude Management Real Estate Holdings Inc. has received a $53.2 million acquisition loan for Harrington Village Apartments, a multifamily property located at 4276 Harrington Road in the Wilmington suburb of Leland. Harrington Village totals 387,315 square feet and includes 333 one- and two-bedroom units. The property also features seven commercial units totaling 11,895 square feet that are available for lease.

Units include granite countertops, in-unit washer and dryer connections, nine-foot ceilings, walk-in closets and balconies in select units. Community amenities include access to a bark park and dog washing station, business center, outdoor grilling area, clubhouse, fitness center and a pool with a sundeck and outdoor entertainment area.

At close, an additional plot of interior retail space will be permitted for the development of 16 additional residential units, with construction completion slated to finish by the end of the year. In addition, the sponsor intends to allocate capital to add 12 more residential units to a vacant pad of entitled land on the site.

Paul Brindley, Jeff Sause, John Gavigan and Harrison Kalt of JLL arranged the loan through Sound Point Capital Management LP on behalf of Latitude Management. The non-recourse, interest-only bridge loan was structured at 71 percent loan-to-cost.

Latitude is a Beverly Hills, Calif.-based private real estate fund manager. The company has a total of 1,867 multifamily units in a portfolio with over 10 properties throughout North Carolina, South Carolina and Georgia. Sound Point Capital is an alternative asset management firm based in New York.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Walker & Dunlop

Webinars on Demand


Conferences


Subscribe to the newsletter

Read the Digital Editions

Western Affordable Housing Business

Texas Affordable Housing Business

Southeast Affordable Housing Business

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties  

2021 Finance Insight Video Interviews