JLL Capital Markets arranges $88M in financing for apartment acquisition

JLL Capital Markets has arranged $88 million in acquisition financing for an apartment complex in Somerset, it announced this week.

The real estate services firm said in a news release that it arranged the financing for Avalon Somerset on behalf of the borrower, a joint venture of Harbor Group International and Azure Partners. The 10-year, floating-rate loan comes from Freddie Mac and will be serviced by JLL Real Estate Capital LLC. JLL had previously handled the sale of the property to the new owners.

Avalon Somerset, at 500 Bristol Road, includes 384 apartments in studio to three-bedroom layouts spread over 12, three-story buildings, a four-story building and a 1.5-story clubhouse.

The Capital Market steam was led by Jamie Leachman, senior managing director, and Matthew Pizzolato, Amit Kakar and Thomas E. Didio Jr., directors.