JLL Capital Markets has arranged $17.8 million in joint venture equity and $39.9 million in construction financing for Avant, a new 253-unit multi-housing development in Ann Arbor, Michigan.
JLL worked on behalf of the developer, S.R. Jacobson Development Corp. and ARCO Construction, to arrange the equity partnership with a blue-chip life insurance company. Additionally, JLL placed the 42-month, floating-rate construction loan with Flagstar Bank.
With an anticipated completion date of April 2023, Avant will include one-, two- and three-bedroom units averaging 1,029 square feet with a mix of flats and townhomes. Units will feature stainless steel kitchen appliances, full size in-unit washer and dryer, high-efficiency windows and balconies. The complex will offer residents a sidewalk system, dog park, clubhouse with deck and pool, jogging/walking trail, 1.06-acre park, fitness center, bike parking and personal storage.
Located on S Maple Road, adjacent to nearly 20-acres of protected recreational areas in Hansen Nature Area & Dicken Woods, Avant is 1.5 miles west of University of Michigan Stadium (aka ‘The Big House’) and 2 miles SW of campus. Recognized nationally as one of the best places to live, Ann Arbor offers residents top healthcare and education as well as a wide variety of retail restaurants and entertainment options. A well-educated workforce has become a driving factor for employers drawn to the area. University of Michigan is a driving force for innovation and progress in both technology and medicine.
The JLL Capital Markets team representing the developer was led by Managing Director Matthew Schoenfeldt.