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| Mary Dooley |
SEATTLE, WA – JLL Capital Markets has underwritten and closed a $17.95 million Freddie Mac Senior Loan and a $13.5 million subordinate loan from Amazon Housing Equity Fund for the acquisition of Sage Apartments, a 123-unit, garden-style multi-housing community in the suburban Seattle community of Everett, Washington.
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| Sage Apartments, a 123-unit, garden-style multi-housing community in the suburban Seattle community of Everett, WA |
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| J. Paul Smith |
“The creation and preservation of affordable housing is a
critical issue we all face,” said Smith.
“Alliant Strategic
Investments and Nuveen Real Estate Capital are industry leaders committed to
solving the issue. JLL is thrilled to have assisted in their efforts to
preserve affordable housing options for the residents of Everett, WA.
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| Drew Heitstuman |
"Further we are grateful for the creative and tireless efforts of Freddie Mac and the Amazon Housing Equity Fund.
"We hope this pioneering transaction will spur additional affordable housing preservation.”
JLL
worked on behalf of the borrower, a partnership between Alliant Strategic
Investments and Nuveen Real Estate Capital, to secure the 10-year, fixed-rate
loan through Freddie Mac.
The
loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Additionally, JLL underwrote the supplemental debt on behalf of the Amazon
Housing Equity Fund.
The
closing is the first project to successfully utilize both Freddie Mac and
Amazon’s subordinate loan offering.
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| Stephen (Steve) Johnson, |
"We are proud to partner with JLL,
Alliant Strategic Investments, Amazon and Nuveen Real Estate Capital to provide
safe, affordable housing to the community of Everett, WA for years to
come."
“The
Amazon Housing Equity Fund is truly making an impact and this transaction is a
great example of putting words into action,” C.W. Early, Senior Managing
Director, JLL Capital Markets said.
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| C.W. Early |
“Furthermore,
the Amazon Housing Equity Fund continues to demonstrate innovative means to
address financing gaps in the market to facilitate the delivery of critically
important affordable housing units” Martine Combal, Senior Vice
President, JLL Public Institutions stated.
Sage
Apartments contains one- and two-bedroom units ranging from 621 to 989 square
feet that feature balconies or patios with extra storage, walk-in closets and
in-unit washer and dryers.
The
community amenities include a resident clubhouse, fitness center, Amazon Hub
package locker, pool, outdoor seating and barbecue area, dog park, car wash
station and security patrol.
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| Martine Combal |
Built in 2007 with only minor upgrades to 13 percent of the units, the new owner plans to upgrade all unit interiors.
Situated at 1730 112th St. SW, Sage Apartments is located only four minutes from Interstate 5, providing easy access to the region’s largest employers via 112th Street Southwest.
In
addition, residents can walk to both northbound and southbound Swift transit
stations in seven minutes or less, providing access to nine Everett Transit bus
lines and a 653-space park and ride.
CONTACT:
Cierra Lacasse
JLL Associate
Public Relations
Phone: +1
602 648 8701
Email: Cierra.Lacasse@am.jll.com