JLL closes $140 million in financings from The Amazon Housing Equity Fund over last six months

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Martine Combal

CHICAGO, IL – JLL Capital Markets and JLL Public Institutions have executed $139.64 million in financings from The Amazon Housing Equity Fund over the last six months for the development/preservation of 11 affordable housing communities, totaling 1,970 units, located across the Puget Sound region of Washington.

 

JLL acted as the credit underwriter for Amazon, who provided long-term, fixed-rate loans for 9 separate borrowers.

 

 Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing to carry out the acquisition and construction/rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions.

Eileen Tumalad

The properties included in the financings are:

 

·         The 130-unit Sound Transit Angle Lake in SeaTac, WA

·         The 170-unit Ardea at Totem Lake in Kirkland, WA

·         The 148-unit MLK Family Housing in Seattle, WA

·         The 108-unit Crossroads Apartments in Bellevue, WA

·         The 207-unit Altaire at Jackson Park in Seattle, WA

·         The 271-unit Atrium Court Apartments in Seattle, WA

·         The 172-unit Terrapin Apartments in Bellevue, WA

·         The 126-unit Bode Greenwood in Seattle, WA

·         The 191-unit Trace 4001 in Seattle, WA

·         The 379-unit Lake Washington Apartments in Seattle, WA

·         The 68-unit Claremont Apartments at Walden in Seattle, WA

 

Senthil Sankaran

“In addition to being affordable, these homes are all in close proximity to resources residents need, like transit, good schools, employment centers and more,” said Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund. “We’re grateful for the opportunity to help bring such a critical resource to Puget Sound residents.”

C.W. Early

The advisory team working with Amazon was jointly led by Senior Managing Director C.W. Early, Senior Managing Director Mary Davis and Vice President David Lott of JLL Capital Markets Debt Advisory and both Martine Combal, Senior Vice President, and Eileen Tumalad, Vice President, with JLL’s Public Institutions practices.

The JLL Capital Markets team structured and underwrote the transactions, while the Public Institutions team focused on program management for Amazon. This unique partnership between JLL Capital Markets and JLL’s public sector work demonstrates JLL’s drive to deliver for its clients and meet dynamic and evolving real estate needs.

David Lott 

“JLL is proud to be working with Amazon’s Housing Equity Fund on this historic initiative," Early said.

 

“Their funding allows new or renovated units to come to market that are otherwise infeasible at affordable price points and keeps those units affordable for 99 years in markets with high and increasing rents.

 

 "Without Amazon and numerous other public resources for many of these projects, they would not happen.

 

 "Congratulations to these mission-driven developers, and many thanks to Amazon, as well as the other public funders involved in these deals, including the City of Seattle Office of Housing, Washington State Housing Finance Corporation, ARCH and King County.”

Mary Davis

According to JLL Research, demand for more cost-effective rental options has never been higher, as national effective rents grew 28% in the last two years. Previous affordable markets are becoming less affordable, as migration trends accelerate supply constraints and highlight the need for additional affordable housing in secondary markets.

 

“With the firm’s expertise in real estate, finance and market analysis, we are excited to partner with Amazon and the respective borrowers to support everyone’s commitment to social responsibility,” Combal said. “This collaborative partnership is inspiring, as each project strives to bridge the housing gap and make housing more accessible for all. With a focus on preservation and transit-oriented development, these projects do more than expand housing options, they build a brighter future and strengthen the vitality of these communities.” 

 

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. 

CONTACT

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com