Harbach Lofts in Des Moines, Iowa

JLL Capital Markets Arranges $10.6 Million in Acquisition Financing for Harbach Lofts in Des Moines, Iowa

by Channing Hamilton

DES MOINES, IOWA — JLL Capital Markets has arranged $10.6 million in acquisition financing for Harbach Lofts, a 103-unit complex in Des Moines. JLL worked on behalf of the borrower, VareCo, to secure the fixed-rate, ten-year Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, a Fannie Mae DUS lender. Tony Nargi and Will Haass led the JLL Capital Markets Debt Advisory team.

Harbach Lofts was originally constructed in 1906 as a furniture warehouse. The property was converted into an apartment community in 2017. Harbach Lofts now comprises two five-story buildings and offers studio, one-, and two-bedroom units. Amenities include a fitness center, clubroom with kitchenette, courtyard with lounge seating and barbeque areas, bicycle lounges and package lockers. The property also offers 6,384 square feet of ground floor retail.

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