News release

$71.55M in financing secured for Chicago-area multi-housing property

JLL Capital Markets arranged the financing of the 500-unit asset in the Chicago suburbs

August 08, 2022

Jenna Sharp

Capital Markets PR
+1 214 438 6450

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.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Amzak Capital Management

Amzak Capital Management is the private investment firm of the Kazma family. Originally from Canada but based in the U.S. since 1979, the Kazma’s got their start in the cable television industry. Under the leadership of Gerry and his son Mike, the Kazma’s developed and operated cable systems in Canada and the U.S. until 1992, when they entered the Latin American markets, with operations in Aruba, Venezuela, Trinidad & Tobago, and Martinique.  In 1997, they built and operated Amnet, Central America’s largest cable television/triple play company, which was sold to Millicom International Cellular S.A. in 2008.  Over the past fifteen years, Amzak has transitioned from a family business primarily focused on the cable industry into an institutional investment manager with an investment perspective across a broad range of industries and strategies. Today, Amzak focuses on four major areas: fixed income, real estate, industrials, and healthcare industries. To a lesser extent, the firm also invests in public equity and, very selectively, alternative investments. These investments tend to be either opportunistic or complementary to one of its four investment groups.