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.
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”).
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.”
“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.
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
