$71.55M in financing secured for Chicago-area multi-housing property
MIAMI, Aug. 8, 2022 – JLL Capital Markets announced that it has arranged the $71.55 million financing for a 500-unit, garden-style multi-housing property located within the Chicago MSA.
JLL worked on behalf of the borrower, Amzak Capital Management, to secure the ten-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in the 80’s and renovated in the 2000’s, the community has seen over 8 percent rent growth in a submarket that has seen over 6 percent in the last 12 months. Even with these increases, the property qualified at 97 percent Mission Driven, a natural affordability measure that both agencies are seeking in their quest to provide capital for more affordable projects.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Elliott Throne and Director Mike Brady.
“This transaction is a prime example of a competitive process in today’s environment yielding a fantastic outcome for best-in-class sponsorship such as Amzak” stated Brady. “Even with short-term rates increasing dramatically, the borrower timed a perfect intersection of a large drop in the treasury market when Fannie Mae offered very aggressive terms for heavy Mission Driven deals.”
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
