JLL Capital Markets announced that it has arranged the $18.239 million acquisition financing for Cambridge Estates, a 358-unit, garden-style affordable apartment community in Lafayette, Indiana. Approximately 41 percent of the units are covered by a long-term Project-Based Section 8 Housing Assistance Payments (HAP) contract.
JLL represented the borrower, Brikwell, to secure the fixed-rate loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving much needed affordability at Cambridge Estates for 20 years. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
Constructed from 1973-1977, Cambridge Estates offers ones-, two- and three-bedroom floor plans across 40 residential buildings on a 35.61-acre site.
Cambridge Estates is located at 3605 Brandywine Court. It is set directly off of U.S. Route 52 and is just an hour northwest of downtown Indianapolis. The property is proximate to nearby employers, including the Subaru Lafayette Auto Plant and Purdue University.
The JLL Capital Markets Debt Advisory team was led by Managing Directors Brock Yaffe and Tony Nargi, along with Director Nelson Almond.
“The acquisition of Cambridge Estates represents the opportunity to preserve quality affordable housing for the Lafayette community. Brikwell is honored to be stewards of this asset and uphold quality operations while executing our business plan. This plan includes upgrading systems, optimizing utility usage and implementing management practices to the benefit of both the residents and greater community,” said Max Bresner, Brikwell co-founder and managing director.
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.