A joint venture between Eminent Capital and Corten Real Estate has secured a $15.7 million loan and $9.7 million of joint venture equity for Allen Ridge, a 125-unit multi-housing community in Greenville, N.C.
JLL helped create the joint venture and worked on behalf of the newly formed partnership to originate a five-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital will service the loan.
Allen Ridge, located at 1005 Allen Ridge Drive, is a build-to-rent community consisting of townhome-style duplex units. The property was built in two phases: Phase I was completed in 2008, and Phase II was completed in 2023. At closing, the community boasted 98.4 percent occupancy rate.
