JLL Capital Markets announced that it has secured $11.75 million in forward permanent financing for Third Thyme, a 104-unit, affordable multihousing community in Los Angeles, California.
JLL worked on behalf of the borrower, West Hollywood Community Housing Corporation, to secure the 15-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo lender.
The property is an affordable, new construction, high rise, utilizing 9 percent LIHTC and public funds. The property will serve seniors aged 62+, and permanent supportive housing, as well as achieve LEED Gold certification at completion.
Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot lot in the Westlake North neighborhood.
The JLL Capital Markets Debt Advisory Team was led by Senior Director Anson Snyder.
“West Hollywood Community Housing Corporation is an experienced developer that navigated rising interest rates and construction costs during bank failure and market disruption,” said Snyder. “The entire team worked to make Third Thyme a reality. JLL and Freddie Mac are committed to affordable housing.”
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 sales and 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.
