JLL Capital Markets recently secured a $50 million bridge loan to refinance Harrington Square apartments in Leland.

According to a news release, 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.

The JLL Capital Markets Debt Advisory team involved in the deal was led by Managing Director Brian Halpern, Senior Managing Director Jeff Sause, Director Ward Smith, Vice President Jason Rosin and Associate Jalynn Borders.

While the release did not provide a specific reason for the bridge loan, Smith stated in the release, “The refinancing will provide stability and further enhance the property’s value, reinforcing its role as a premier residential destination in the Wilmington market.”

Harrington Square, 4276 Harrington Road, is a 14-building complex with 349 units. The release stated that its first phase, completed in 2018, included an 11,375-square-foot retail component and 189 apartment units, while the second phase, finished in 2020, added 144 units. 

A private real estate fund manager, Latitude acquired the property in May 2021 in a more than $67 million transaction, according to a deed. Latitude added 16 units, bringing the total unit count to 349.

Harrington Square has studio, one-, two- and three-bedroom apartments, with an average size of 1,154 square feet. Its amenities include a resort-style pool, a dog park, pet wash stations, a media room with billiards and gaming and valet trash services.  

According to the release, Latitude specializes in multifamily investments and has closed over $4 billion in transactions across all primary commercial real estate property types over the past 20 years.

Bridge is an alternative investment manager, diversified across specialized asset classes, with $48 billion of assets under management as of March 31, the release stated.