$23.2 million in refinancing secured for a multihousing community near Albany

JLL Capital Markets arranged the refinancing for the 197-unit Elm Estates located in Selkirk, New York.

Elm Estates
JLL Capital Markets arranged a $23.2 million refinancing for Elm Estates, a 197-unit multihousing community located near Albany in Selkirk, New York.

JLL Capital Markets announced that it has arranged a $23.2 million refinancing for Elm Estates, a 197-unit multihousing community located near Albany in Selkirk, New York.

JLL worked on behalf of the borrower, Tower Management Service, LP, to secure the 10-year, fixed-rate, non-recourse loan through Freddie Mac Multifamily. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo lender.

Built in 1978, Elm Estates offers spacious two- and three-bedroom townhomes and duplexes. The units feature central air conditioning, private entrances and garages, large kitchens with full-size appliances, in-unit washers and dryers and walk-in closets. The property has been well maintained by ownership, who has renovated approximately 70 percent of units since 2017.

Situated at 122-A Fairlawn Dr., the property is located in the town of Bethlehem, a hamlet of Selkirk. Bethlehem is located just south of the city of Albany, providing residents of Elm Estates access to the capital city of New York State in under 15 minutes.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E Didio, Jr. and Associate Gerard Quinn.

“Tower Management has done an excellent job operating and upgrading Elm Estates since the asset was acquired in 2008,” said Didio, Jr. “JLL is very pleased to secure a long-term, fixed-rate refinance with Freddie Mac on behalf of the borrower.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

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 and sales 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.