JLL Capital Markets announced that it has arranged a loan for Center Village Apartments, a 60-unit affordable Low-Income Housing Tax Credit community in Northeast Portland, Oregon.
JLL worked on behalf of Innovative Housing, Inc. (IHI) to secure the 17-year, 35-year amortization loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. JLL also coordinated a 24-month forward interest rate. This loan, along with other capital sources, repaid an original Wells Fargo Bank construction loan.
Center Village is a mid-rise, multihousing community with rents restricted to 30 percent to 60 percent of area median income. The loan was used for improvements to the multihousing property, including a new roof, exterior siding, window replacement and interior unit and common area upgrades.
“IHI is excited for the opportunity to redevelop this property so it will continue to operate long into the future,” said Carolyn O’Doherty, Housing Developer at IHI. “The 60 family-sized units currently house more than 175 people who are now able to enjoy refreshed apartments and better amenities thanks to the investment by JLL and other partners.”
JLL’s Capital Markets team representing the borrower was led by Director Anson Snyder.
“JLL and Freddie Mac are committed to providing long-term permanent loans for affordable housing,” Synder said. “Working with the IHI development team is a privilege. Portland families will have an affordable housing option for years to come.”
JLL has extensive experience helping clients obtain financing and sources reliable, cost-competitive mortgage products for acquisitions, refinancing or rehabilitation of affordable housing properties. With access to key lenders and capital, JLL connects clients directly with Freddie Mac, among others, to get the best possible financing structure. In 2019, JLL was recognized as the #1 targeted Freddie Mac lender for affordable housing deals.
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, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.