HAMPTON, VA. — Madison International Realty and The Accend Cos. have secured a $59.7 million loan. The floating-rate bridge loan was provided by Fortress Investment Group and arranged by JLL Capital Markets.
The joint owners of Ellipse Urban Apartments plan to use the financing to expand a flexible-lease program called Home 4 Now, which currently covers 11 percent of the property’s 287 units. The owners plan to increase that share to 25 percent.
Under the program, tenants can secure leases lasting between one and 12 months for move-in ready, furnished apartments. The program is particularly appealing to members of the military, who represent nearly half the existing tenants of the community, which is about six miles from Langley Air Force Base and 18 miles from Naval Station Norfolk. The Accend Cos. invests in apartments near military installations.
Built in 2021, Ellipse Urban Apartments consists of seven four-story buildings that feature one-, two- and three-bedroom units. Amenities include a saltwater pool with a gourmet kitchen and gas grills, a 24-hour clubhouse, a fitness and a business center, pet spa, game room and electric vehicle charging stations.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Steven Klein and Jim Cadranell, Senior Director Reina Abboud and Associate John Cumming.