$11M in financing secured for a 150-unit affordable housing property in Cincinnati
JLL Capital Markets led financing efforts for Booth Residences in Ohio
LOS ANGELES, Nov. 27, 2023 – JLL Capital Markets announced today that it arranged $11 million in financing for Booth Residences, a 150-unit affordable housing property located at 6000 Townevista Drive in Cincinnati, Ohio.
JLL worked on behalf of the borrower, The Salvation Army, to secure a HUD “Heavy” 223(f), fixed-rate loan, 35 years fully amortizing to preserve and renovate the senior housing community.
Booth Residences was built in 1981 with a modest renovation completed in 2006 utilizing Low Income Housing Tax Credits (“ LIHTCs “). The property is subject to rent restrictions through a Regulatory Agreement. The Salvation Army will complete upgrades for accessibility / ADA, unit and building improvements, as well as common areas. The renovation work schedule is 12 months.
The JLL Capital Markets Debt Advisory team was led by Senior Director Anson Snyder.
“JLL was tasked with providing a long-term, fixed rate, non-recourse loan solution that would allow The Salvation Army the ability to provide required upgrades that directly assist the resident,” said Snyder. “JLL’s HUD team is highly experienced and able to navigate the loan requirements to accomplish a successful loan option.”
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 sales and 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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About The Salvation Army
The Salvation Army annually helps nearly 23 million Americans overcome poverty, addiction and economic hardships through a range of social services. By providing food for the hungry, emergency relief for disaster survivors, rehabilitation for those suffering from drug and alcohol abuse, and clothing and shelter for people in need, The Salvation Army is doing the most good at 7,600 centers of operation around the country. In the first-ever listing of "America's Favorite Charities" by The Chronicle of Philanthropy, The Salvation Army ranked as the country's largest privately funded, direct-service nonprofit. For more information, visit SalvationArmyUSA.org. Follow us on Twitter: @SalvationArmyUS and #DoingTheMostGood
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.