Fiduciary Real Estate Development sold 1 Glenn Place of 191 condos outside Madison, Wisconsin to Banner Real Estate Group. The trustee – the original developer, builder and manager – completed the project in 2019.
JLL Capital Markets acted on behalf of the seller and provided buyer’s funding. Fannie Mae’s $ 28.3 million fixed-rate loan has a seven-year maturity.
This complex, formerly known as The Glen Apartments at Fahey Fields, is located at 5351 Nobel Drive. The complex consists of nine three-story buildings and includes studio, one-, two- and three-bedroom apartments ranging from 608 to 1,778 square feet. The hotel offers easy access to State Highway 14 and is located 15 minutes from downtown Madison.
JLL’s investment advisor team included Senior Director Vic Kirby and Director Amanda Friant. The firm’s debt allocation team, which is responsible for securing the loan, is led by Managing Director Matthew Schoenfeldt.
In addition to its multi-family business, Banner Real Estate also maintains a nationwide self-storage portfolio. In February, the company completed a project worth about $ 20 million. location facility in Porland, Oregon…