Guaranteed loan for a 60 unit affordable housing community in Portland
JLL Capital Markets announced that he had arranged a loan for Center Village Apartments, an affordable 60-unit low-income housing tax credit community in northeast Portland, Oregon.
JLL worked for Innovative Housing, Inc. (IHI) to secure the 17-year and 35-year amortization loan through Freddie Mac. The loan will be managed by JLL Real Estate Capital, LLC, a lender to Freddie Mac Optigo. JLL also coordinated a 24-month term interest rate. This loan, along with other sources of capital, paid off an initial construction loan from Wells Fargo Bank.
Center Village is a mid-rise multi-unit community with rents capped at 30-60% of the region’s median income. The loan was used for improvements to the multi-unit property, including a new roof, exterior siding, replacement of windows, and improvements to the interior of units and common areas.
“IHI is thrilled with the opportunity to redevelop this property so that it will continue to function well into the future,” said Carolyn O’Doherty, real estate developer at IHI. “The 60 family units currently house more than 175 people who can now enjoy refurbished apartments and better facilities thanks to the investment of 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 permanent long-term 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 find reliable and competitive mortgage products for affordable housing acquisitions, refinancing or rehabilitation. With access to major lenders and capital, JLL connects its clients directly with Freddie Mac, among others, to obtain the best possible financing structure. In 2019, JLL was recognized as the # 1 Freddie Mac Lender Targeted for Affordable Housing Deals.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sales, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.