Madison International Realty And The Accend Companies Secure $59M Loan For Ellipse Urban Apartments In Hampton VA

The asset involved in the transaction is the Ellipse Urban Apartments, a 287-unit multifamily community located at 2001 Commerce Drive, Hampton, VA. The property was built in 2021 and features a luxury design. The transaction reflects a $59,000,000 floating rate loan secured for the asset.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $59,000,000
• Units: 287
• Landlord: Madison International Realty & The Accend Companies
• Brokers: Steven (Steve) Klein, Jim Cadranell, Reina Abboud & John Cumming - JLL
• Market: Hampton, VA

This transaction was facilitated by JLL Capital Markets on behalf of a joint venture between Madison International Realty and The Accend Companies. The Landlord plans to expand the furnished units under the Home 4 Now program to enhance rental income, leveraging the property's advantageous location near military bases and retail hubs.