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Tabco Towers primed to undergo significant rehabilitation renovations
On behalf of Wishrock Investment Group, JLL's Capital Markets experts today announced the firm has secured $24.5 million in acquisition and rehabilitation financing for Tabco Towers, an existing 200-unit affordable age restricted senior housing property located in Towson, Maryland. The 40-year fully-amortizing loan was provided via FHA's 221(d)(4) sub rehab program. The transaction also featured significant renovation costs which make the building more handicap accessible and energy efficient.
Managing Director Tim Leonhard led the JLL team on the transaction
"The need for affordable housing in many parts of our country is at an all-time high and we were pleased to have the opportunity to work with Wishrock and the State of Maryland to preserve this crucial asset, which otherwise could have been easily converted to a student housing property and lost as affordable housing stock forever," said Leonhard.
Added Bryan Shumway, Wishrock's Director of Development, "Tabco Towers provides essential housing for the Towson community and by securing this loan, we will not only maintain the building as affordable, but will also be able to pursue significant renovations to improve accessibility and quality of life for residents."
The loan features a 90 percent loan-to-cost ratio and an interest rate of 3.65 percent. In addition, the loan received 4 percent low income housing tax credits (LIHTC), several subordinate loans from the state of Maryland, and a property tax abatement from Baltimore County.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.