7-year refinancing arranged for Class A community in Kentucky
JLL Capital Markets secured loan for Arcadia Street Capital for garden-style apartment community in the affluent suburb of Lexington
DENVER, Aug. 22, 2024 – JLL Capital Markets announced today that it has secured a refinancing for Parkside Heights, a 149-unit, Class A apartment community built between 2020-2022 and located in Lexington, Kentucky.
JLL worked on behalf of Arcadia Street Capital to originate the seven-year fixed rate, interest only Fannie Mae loan. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Situated at 320 Hannah Todd Place, Parkside Heights enjoys close proximity to downtown Lexington, major employer hubs, shopping, entertainment options, St. Joseph's hospital and multiple golf courses. With a median household income of $99,142 in a one-mile radius, Parkside Heights is located in an affluent suburb sought after by a prosperous demographic.
Lexington, known as the horse capital of the world, has a population of over 300,000 residents. Situated close to Louisville and Cincinnati, the town is home to major employers like Lexmark International, Toyota Motor Manufacturing, Valvoline World and the University of Kentucky.
Spanning over 9.42 acres, Parkside Heights’s total building area comprises of 166,867 square feet with 255 parking spaces. The four-building community was built between 2020-2022, and currently boasts an impressive 98% occupancy rate. Residents of this garden-style complex enjoy a host of convenient amenities including a fitness center, pool, clubhouse and on-site maintenance. Each one-, two- and three-bedroom unit is thoughtfully designed with in-unit washers and dryers, spacious walk-in closets, balconies and patios, granite countertops and LTV flooring.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Kristian Lichtenfels and Director Nelson Almond.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Arcadia Street Capital
Founded in 2019, Arcadia Street Capital (“ASC”) is a real estate private equity group that develops, owns and operates a diverse portfolio of multifamily properties strategically located throughout the midwestern United States. As a fully integrated multifamily real estate sponsor, ASC has produced an accomplished track record in investments across a diverse array of assets, including ground-up developments, value-add and low-income/tax credit multifamily initiatives as well as single family rental portfolios.