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| Catherine Buell |
LOS ANGELES, CA – JLL Capital Markets has secured $24.3
million in acquisition financing for a six-asset affordable housing portfolio,
consisting of 354 small efficiency dwelling units (SEDUs) located in infill
Seattle, Washington.
JLL worked on behalf of the borrower, SRM Development, to
secure the five-year, fixed-rate senior Fannie Mae loan.
The loan will be serviced by JLL Real Estate
Capital, LLC, a Fannie Mae DUS lender.
Additionally, with the imposed affordability
restrictions on 100% of the units, JLL was able to arrange attractive mezzanine
financing from the Amazon Housing Equity Fund.
The
units of the portfolio are permanently preserved for renters at 50% to 80% AMI.
The properties include:
·
The 68-unit, 2020-built Alloy Apartments at 802 5th Ave.
·
The 55-unit, 2018-built Brooklyn 65 Apartments at 1222 NE 65th St.
·
The 72-unit, 2018-built Luna Apartments at 6921 Roosevelt Way
·
The 75-unit, 2019-built Track 66 Apartments at 836 NE 66th St.
·
The 58-unit, 2017-built Vega Apartments 4528 44th Ave.
SW.
·
The 27-unit, 2018-built Yale Apartments at 2037 Yale Ave.
“To preserve this number of units at these rents
is a once-in-a-blue-moon opportunity,” said SRM Managing Principal of
Affordable Housing Conor Hansen.
 |
Conor Hansen
|
“Bringing brand new units to market can take up
to five years, and with rents rapidly rising we knew there was urgent need to
preserve affordability now by purchasing these new, high-quality buildings.
 |
Anson Snyder
|
"We would not be here without the vision,
strong partnership and commitment from the Urban League, Amazon and the City of
Seattle’s Office of Housing. These are the partnerships we need to battle our
affordable housing crisis.”
“Preservation of existing affordability is one
of the most effective ways to address housing affordability challenges in the
Puget Sound and is a key element of our work,” said Catherine Buell,
Director of the Amazon Housing Equity Fund.
“Public/private partnerships are also essential
to creating more affordable housing and we’re thrilled to partner with SRM, the
City of Seattle, and the Urban League protect the affordability of these
homes.”
 |
| C.W. Early |
The JLL Capital Markets Debt Advisory team was
led by Senior Director Anson Snyder and Senior Managing Director C.W.
Early, along with Director Kaden Eichmeier.
The Amazon Housing Equity Fund is a more than $2
billion commitment to preserve and create more than 20,000 affordable housing
units in Washington state’s Puget Sound region; in and around Arlington,
Virginia; and Nashville, Tennessee—three hometown communities where the company
has a large and growing presence.
 |
| Kaden Eichmeier |
The Amazon Housing Equity Fund increases housing
options for moderate-to-low-income families by providing affordable housing
providers with quick access to low-rate loans to create or preserve buildings
where affordability would have otherwise been lost to commercial-rate
development.
The fund will also provide cash grants to businesses, nonprofits
and minority-led organizations to help them build a more inclusive solution to
the affordable housing crisis, which disproportionately affects communities of
color.
Agency/GSE lending and loan servicing are
performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary
of Jones Lang LaSalle Incorporated.
CONTACT
Jenna Sharp
JLL, Public Relations
Dallas, Texas
M +1 214 394 3356
Jenna.Sharp@jll.com
