Done Deals: Feb 22, 2024

Thursday, February 22, 2024

JLL Capital Markets arranges $5.5 million refinancing for the 24-unit Alvarado Apartments and the 42-unit Temple Apartments in Los Angeles, CA

Anson Snyder

LOS ANGELES, CA – JLL Capital Markets has arranged the $5.5 million permanent, non-LIHTC Forward financing for Alvarado Apartments and Temple Apartments, two affordable housing communities targeting extremely low-income residents and individuals experiencing homelessness in Los Angeles, California.

JLL worked on behalf of the borrower, Brilliant Corners, to secure the 15-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

The 24-unit Alvarado Apartments is located at 916 N. Alvarado St., and the 42-unit Temple Apartments sits at 2812 W. Temple St. The sites are intersected by I-101 and are 1.1 miles apart from each other. Floorplans include studios, one- and two-bedroom units.

Of the 66 total units, 25 units will be reserved for chronically homeless seniors, 39 units will be at 30% AMI, and two units will be reserved for full-time on-site building managers.

Alvarado Apartments, a 24-unit property located
at 916 North Alvarado Street, Los Angeles, CA

59 of the units will receive Housing Assistance Payments (HAP)/Project Based Vouchers (PBV) for residents earning no greater than 30% of AMI for a 20-year term provided through the Housing Authority of the City of Los Angeles (“HACLA”).

The JLL Capital Markets Debt Advisory team was led by Senior Director Anson Snyder.

Snyder said “Alvarado / Temple is a ‘Project Homekey’ development targeting public investment to assist those persons experiencing chronic homelessness.

''Brilliant Corners is an exceptional developer, owner, and operator that offers a home with comprehensive resident services. This property will serve many Angelenos over many years. JLL is proud to participate in impactful communities.”

Peter Lillestolen

“Freddie Mac’s Non-LIHTC Forward financing helps preserve and create affordable housing, advancing our mission and making home possible for individuals and families," said Peter Lillestolen, Vice President, Production and Sales, Targeted Affordable Housing at Freddie Mac Multifamily.

"We are proud to offer this flexible transaction structuring that provides certainty of execution at lower costs to the borrower. In a high interest rate environment, this makes a significant impact, allowing borrowers to take interest rate risk off the table prior to construction completion."

Temple Apartments, 2812 West Temple Street,
Los Angeles, CA

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors.

JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

For more news, videos and research resources on JLL, please visit our newsroom.

CONTACT;

Jenna Sharp

JLL, Public Relations,

Capital Markets

Dallas, TX

M +1 214 394 3356

Lee & Associates South Florida Welcomes Ben Key as Principal

Ben Key

MIAMI, FL – Lee & Associates South Florida strengthened its market-leading team of talented commercial real estate brokers with the addition of Ben Key as Principal.

Operating out of the firm’s Miami and Deerfield Beach offices, Key brings a diversified 20-year background in various components of real estate brokerage and management.

Key specializes in retail and industrial value-add, leasing, acquisitions, dispositions and property management. He has expertise in the transformation of underperforming properties and excels at tenant relations.

Prior to joining Lee & Associates South Florida, Key was the Founder and Principal of BKRE, LLC, where he honed a unique approach to property management and turnaround strategies. Starting in Houston in 1999, the company expanded to Florida a decade later.

Key’s past experience also included roles as Broker Associate with Indermuele & Co. and Republic Central Realty.

Matthew Rotolante

“Ben Key has a highly impressive track record in Texas and Florida,” Lee & Associates South Florida President Matthew Rotolante said.

“His creativity and experience across multiple commercial real estate sectors will enhance our growing South Florida-based team. Ben’s history with value-add and troubled assets will especially come in handy in the current market environment.”

Key is a member of ICSC and received a certification in commercial leasing from the prominent industry organization. He earned his bachelor's degree in Business Administration & Management from Texas State University.