Ellipse Urban Apartments: $59.7M bridge financing secured for luxury multifamily property in Hampton, VA

NEW YORK, Aug. 12, 2025 – JLL Capital Markets announced today that it has secured a $59 million financing for Ellipse Urban Apartments, a 287-unit luxury apartment complex in Hampton, Virginia.

JLL worked on behalf of the borrower, a joint venture between Madison International Realty and The Accend Companies, in arranging the floating rate loan through funds managed by affiliates of Fortress Investment Group.

Ellipse Urban Apartments, located at 2001 Commerce Dr., offers easy access to I-64, I-664 and Rte-60, while being just 15 minutes from the Hampton Roads Bridge-Tunnel. The community sits near prominent retailers, restaurants and entertainment venues including Peninsula Town Center and the Hampton Coliseum. Its location appeals to military personnel, with approximately 46% of current tenants leading military professions due to proximity to Langley Air Force Base and Naval Station Norfolk.

Hampton continues to be a strong market with a diverse economy anchored by aerospace, defense facilities, higher education institutions and major medical centers. The Hampton multifamily market has seen significant 5.5% year-over-year rent growth since 2019 while maintaining consistent vacancy rates despite new supply.

Built in 2021, Ellipse Urban Apartments is a Class A luxury community consisting of seven four-story buildings. The property features studios, one-, two- and three-bedroom units. Residents enjoy a comprehensive amenity package including an outdoor saltwater pool with gourmet kitchen and gas grills, a 24-hour clubhouse, state-of-the-art fitness studio, business center, pet spa, game room and EV charging stations. The units feature open-concept floorplans with expansive floor-to-ceiling windows, chef-inspired kitchens with granite countertops, designer contemporary LED lighting, in-unit washer/dryer, walk-in closets and plank wood flooring.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Steven Klein and Jim Cadranell, Senior Director Reina Abboud and Associate John Cumming.

"Ellipse Urban Apartments represents a unique multifamily investment opportunity due to its high proportion of military personnel within the tenant base and specialized Home 4 Now program offering furnished units with flexible lease terms," said Klein. "This financing will allow the ownership group to execute their business plan of expanding the Home 4 Now inventory from 11% to 25% of total units, which command significant rent premiums."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, replace capital partners seeking an exit or to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions and acquires joint venture, limited partner and co-investment interests as principals. In addition, Madison provides strategic growth capital to established, middle-market real estate operating platforms, seeking to accelerate their growth and investment programs. Madison has offices in New York, Los Angeles, London, Luxembourg, Amsterdam, Singapore, Seoul, and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.

Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $51 billion of assets under management as of March 31, 2025, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts. For more information, please visit www.fortress.com.