JLL Capital Markets announced that it secured $11.96 million in acquisition financing for Eastglen Apartments, a 102-unit multifamily property in Longmont, Colorado.
JLL worked on behalf of the borrower, a joint venture between Two Arrows Group and LEM Capital, to secure the five-year, fixed-rate loan through the Freddie Mac Targeted Affordable Housing team. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Eastglen Apartments offers a variety of spacious one-, two- and three-bedroom apartment homes, with an average unit size of approximately 870 square feet. Each apartment is equipped with a full kitchen, air conditioning, a tub/shower and a private balcony or patio. Additionally, the community provides an array of amenities, including laundry facilities, a community swimming pool, a courtyard, an on-site surface lot and access to parks and trails.
Situated in the Denver MSA, Longmont is conveniently positioned between Denver and Fort Collins along Interstate 25. The property is located within a four-mile radius of several national and local retailers, such as The Home Depot, Starbucks, Walmart Supercenter, Sam’s Club, Costco, Target and King Soopers. It is also a short drive to downtown Longmont, which offers a vibrant atmosphere with its combination of historic architecture, boutique shops, art galleries and diverse culinary options.
The JLL Capital Markets Debt Advisory team was led by Managing Directors Tony Nargi and Brock Yaffe.
“JLL is thrilled to be involved in this financing for Two Arrows and LEM. Two Arrows is an absolutely tremendous local owner and operator of workforce housing in Colorado,” said Nargi. “The strong sponsorship of Two Arrows Group and LEM, coupled with the property’s affordability, allowed for Freddie to provide a very attractive interest rate.”
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.
