LELAND, N.C. — JLL Capital Markets has secured a $50 million bridge loan for the refinancing of Harrington Square, a 349-unit complex located in the Wilmington, North Carolina suburb of Leland. JLL worked on behalf of Latitude Management Real Estate Holdings to secure the four-year, floating-rate bridge loan from Bridge Investment Group Holdings Inc.
Brian Halpern, Jeff Sause, Ward Smith, Jason Rosin and Jalynn Borders led the JLL Capital Markets Debt Advisory team.
Harrington Square was built in two phases. Completed in 2018, the first phase included 189 apartments, as well as 11,375 square feet of retail space. The second phase was completed in 2020 and added an additional 144 units.
The property comprises a 14-building complex with 349 apartments. Units come in studio, one-, two- and three-bedroom layouts. The average unit size is 1,154 square feet. Amenities include a pool, veranda with TVs and a lounge area, fitness center, dog park, pet wash stations, on-site laundry facilities, a media room with billiards and gaming, valet trash services, package locker room and a Starbucks Barista station.