 |
| Mary Dooley |
SEATTLE,
WA – JLL Capital Markets has underwritten and closed a $17.95
million Freddie Mac Senior Loan and a $13.5 million subordinate loan from
Amazon Housing Equity Fund for the acquisition of Sage Apartments, a
123-unit, garden-style multi-housing community in the suburban Seattle
community of Everett, Washington.
 |
Sage Apartments, a 123-unit, garden-style
multi-housing community in the suburban
Seattle community of Everett, WA
|
The new owner, Alliant Strategic Investments
and Nuveen Real Estate Capital, is converting 100 percent of its units
affordable to households making less than 80 percent of the area’s median
income levels to address the growing need for affordable housing in the Seattle
MSA. The restriction will be in place for 99 years.  |
| J. Paul Smith |
The Capital Markets Debt Advisory team representing the
borrower included Senior Director J. Paul Smith and Directors Drew
Heitstuman and Mary Dooley.
“The creation and preservation of affordable housing is a
critical issue we all face,” said Smith.
“Alliant Strategic
Investments and Nuveen Real Estate Capital are industry leaders committed to
solving the issue. JLL is thrilled to have assisted in their efforts to
preserve affordable housing options for the residents of Everett, WA.
 |
| Drew Heitstuman |
"Further we are grateful for the creative and tireless
efforts of Freddie Mac and the Amazon Housing Equity Fund.
"We hope this
pioneering transaction will spur additional affordable housing preservation.”
JLL
worked on behalf of the borrower, a partnership between Alliant Strategic
Investments and Nuveen Real Estate Capital, to secure the 10-year, fixed-rate
loan through Freddie Mac.
The
loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Additionally, JLL underwrote the supplemental debt on behalf of the Amazon
Housing Equity Fund.
The
closing is the first project to successfully utilize both Freddie Mac and
Amazon’s subordinate loan offering.
 |
| Stephen (Steve) Johnson, |
“Freddie
Mac's participation in the financing of Sage Apartments reflects our relentless
commitment to the design and development of unique financing structures that
produce and preserve affordable housing for renters nationwide," said Steve
Johnson, vice president of Small Balance Loan and Targeted Affordable Sales
& Investments at Freddie Mac.
"We are proud to partner with JLL,
Alliant Strategic Investments, Amazon and Nuveen Real Estate Capital to provide
safe, affordable housing to the community of Everett, WA for years to
come."
“The
Amazon Housing Equity Fund is truly making an impact and this transaction is a
great example of putting words into action,” C.W. Early, Senior Managing
Director, JLL Capital Markets said.
 |
| C.W. Early |
“They
provided attractive long- term subordinate financing to allow ASI to purchase
and renovate the property, which included putting 99-year affordability
restrictions in place.”
“Furthermore,
the Amazon Housing Equity Fund continues to demonstrate innovative means to
address financing gaps in the market to facilitate the delivery of critically
important affordable housing units” Martine Combal, Senior Vice
President, JLL Public Institutions stated.
Sage
Apartments contains one- and two-bedroom units ranging from 621 to 989 square
feet that feature balconies or patios with extra storage, walk-in closets and
in-unit washer and dryers.
The
community amenities include a resident clubhouse, fitness center, Amazon Hub
package locker, pool, outdoor seating and barbecue area, dog park, car wash
station and security patrol.
 |
| Martine Combal |
Built
in 2007 with only minor upgrades to 13 percent of the units, the new owner
plans to upgrade all unit interiors.
Situated
at 1730 112th St. SW, Sage Apartments is located only four
minutes from Interstate 5, providing easy access to the region’s largest
employers via 112th Street Southwest.
In
addition, residents can walk to both northbound and southbound Swift transit
stations in seven minutes or less, providing access to nine Everett Transit bus
lines and a 653-space park and ride.
CONTACT:
Cierra Lacasse
JLL Associate
Public Relations
Phone: +1
602 648 8701
Email: Cierra.Lacasse@am.jll.com
