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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.
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Alvarado Apartments, a 24-unit property located at 916 North Alvarado Street, Los Angeles, CA |
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.”
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Peter Lillestolen |
"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."
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Temple Apartments, 2812 West Temple Street, Los Angeles, CA |
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.
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CONTACT;
Jenna Sharp
JLL,
Public Relations,
Capital Markets
Dallas,
TX
M +1 214 394 3356