Allen Ridge: acquisition financing and joint venture equity totaling $25.4M secured for North Carolina BTR community

WASHINGTON, D.C., Apr. 16, 2025 – JLL Capital Markets announced today that it has arranged a $15.7 million loan and $9.7 million of joint venture equity for Allen Ridge, a 125-unit multi-housing community in Greenville, North Carolina.

JLL helped create the joint venture partnership between Eminent Capital and Corten Real Estate. Additionally, JLL worked on behalf of the newly formed partnership to originate a five-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.

Allen Ridge, located at 1005 Allen Ridge Dr., is a build-to-rent community that consists of townhome-style duplex units. The property was built in two phases, with Phase I completed in 2008 and Phase II in 2023. At closing, the community boasted a strong 98.4% occupancy rate.

Greenville continues to attract investment due to its growing economy, anchored by East Carolina University and major healthcare facilities. The Allen Ridge acquisition aligns with the increasing demand for quality multi-housing options in the area.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Senior Director Amit Kakar, Associate Sean O’Brien and Analyst Sydney Powell.

“The Eminent and Corten teams were both attracted to the resilient fundamentals of the BTR space as well as the strong demographics of the Greenville, NC market,” said Leachman.  “Additionally, the two firms share common values, approach and investment theses which will lead to an effective partnership.”

“Allen Ridge is the fourth specialty muti-family investment made by our firm in the last six months, so this is clearly an area of focus for us. Additionally, Corten has been keen to forge relationships with experienced Southeast-focused, middle market sponsors that have established sourcing channels. Eminent more than fit the bill in all regards,” Corten Principal, Brandon Flury noted.

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.

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Eminent Capital is a real estate investment and management firm with a unique approach, exceptional integrity and impressive track record of success. Driven by data. Executed by vision. For more information, email us at Info@eminentcap.com.

Corten is a dynamic real estate investor/operator that targets middle-market assets impacted by financial, operational or strategic pressures, creating unique capital solutions utilizing debt and equity securities through joint ventures and on a direct basis. The firm builds portfolios with the objective of delivering current cash flow and equity upside through all points in an economic cycle. We step in when others step back. For more information, email us at www.cortenrealestate.com.