GREENVILLE, N.C. — A joint venture partnership between Eminent Capital and Corten Real Estate has received a $15.7 million loan and $9.7 million of joint venture equity for Allen Ridge, a 125-unit build-to-rent (BTR) community in Greenville.
Located at 1005 Allen Ridge Dr., the community features townhome-style duplex units. Allen Ridge was built in two phases, with phase I completed in 2008 and Phase II in 2023. The asset was 98.4 occupied at the time of the transaction.
JLL Capital Markets helped create the joint venture partnership. JLL also worked on behalf of the partnership to originate a five-year, fixed-rate Fannie Mae loan. Jamie Leachman, Amit Kakar, Sean O’Brien and Sydney Powell led the JLL Capital Markets debt advisory team. The loan will be serviced by JLL Real Estate Capital LLC.