Sunroad pays $104M ($392K/unit) for 265-unit Henderson Acquisition, Element 12 at Cadence, from A.G. Spanos; PCCP provides $66M Senior Loan

10/31/2024

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Connect CRE

• Subcategory: Capital Markets: Debt, MF: Market Rate

• Tag: Closing

• Additional Filters-Subcategory: Capital Markets: Debt-Refinance, Capital Markets: Debt-Senior Loan, MF: Garden

• Company: PCCP LLC, Jones Lang LaSalle (NYSE: JLL)

PCCP provided a $66 million senior loan to Sunroad Enterprises for the acquisition and lease-up of Element 12 at Cadence. Located in Henderson, NV, the 265-unit, four-story apartment community is within the Cadence master-planned community (MPC). The Class A property was completed in September 2023. JLL Capital Markets arranged the financing. AG Spanos was the developer and seller.