JLL arranges $463m Barings takeout for eight Thompson Thrift rentals
The floating-rate loan retires construction debt on 2,412 class A units, with six of the eight properties in Florida.
At a glance
The portfolio totals 2,412 class A units across Arizona, Florida and Georgia.
Six of the eight properties are in Florida, accounting for 1,828 of the 2,412 units, or about 76%.
JLL has arranged a $463 million floating-rate takeout loan from Barings for eight Thompson Thrift apartment properties, IREI reported Oct. 14.
The portfolio totals 2,412 class A units across Arizona, Florida and Georgia. The proceeds retired existing construction loans on all eight properties, which were delivered in phases during 2025 and 2026. Daniel Hedgepeth led the JLL financing team.
| Property | Market | Units |
|---|---|---|
| Standard441 | Orlando, Fla. | 300 |
| The Quinn | Pensacola, Fla. | 324 |
| The Pullman | Atlanta | 276 |
| Stella | Phoenix | 308 |
| The Stadler | North Port–Sarasota–Bradenton, Fla. | 280 |
| Verity | Vero Beach, Fla. | 276 |
| The Junction at Rockledge | Palm Bay–Melbourne–Titusville, Fla. | 380 |
| The Hadley | North Port–Sarasota–Bradenton, Fla. | 268 |
| Total | 2,412 |
The loan works out to roughly $192,000 per unit. That is a basis on debt rather than a valuation. The report gives no loan term, spread or loan-to-value.
Six of the eight properties are in Florida, accounting for 1,828 of the 2,412 units, or about 76%. Stella in Phoenix, with 308 units, and The Pullman in Atlanta, with 276, are the only assets outside the state.
That is a basis on debt rather than a valuation.
In September, this publication reported that Thompson Thrift was raising its ninth fund, targeting $200 million to $230 million for class A apartments. The eight assets financed here follow a similar pattern: the earliest deliveries are less than two years old and the newest landed this year, so the takeout arrives before any of them has a long stabilized history.
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