Loan secured for 60-unit affordable housing community in Portland
JLL Capital Markets arranged the loan, which will be used for apartment upgrades
LOS ANGELES, October 20, 2020 – JLL Capital Markets announced today that it has arranged a loan for Center Village Apartments, a 60-unit affordable Low-Income Housing Tax Credit community in Northeast Portland, Oregon.
JLL worked on behalf of Innovative Housing, Inc. (IHI) to secure the 17-year, 35-year amortization loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. JLL also coordinated a 24-month forward interest rate. This loan, along with other capital sources, repaid an original Wells Fargo Bank construction loan.
Center Village is a mid-rise, multi-housing community with rents restricted to 30% to 60% of area median income. The loan was used for improvements to the multi-housing property, including a new roof, exterior siding, window replacement and interior unit and common area upgrades.
“IHI is excited for the opportunity to redevelop this property so it will continue to operate long into the future,” said Carolyn O’Doherty, Housing Developer at IHI. “The 60 family-sized units currently house more than 175 people who are now able to enjoy refreshed apartments and better amenities thanks to the investment by JLL and other partners.”
“JLL and Freddie Mac are committed to providing long-term permanent loans for affordable housing,” Synder said. “Working with the IHI development team is a privilege. Portland families will have an affordable housing option for years to come.”
JLL has extensive experience helping clients obtain financing and sources reliable, cost-competitive mortgage products for acquisitions, refinancing or rehabilitation of affordable housing properties. With access to key lenders and capital, JLL connects clients directly with Freddie Mac, among others, to get the best possible financing structure. In 2019, JLL was recognized as the #1 targeted Freddie Mac lender for affordable housing deals.
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, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Innovative Housing, Inc.
Innovative Housing Inc. (IHI) is a community based 501(c)(3) non-profit organization that provides high-quality affordable housing to individuals and families, along with services to help their residents maintain housing, access opportunities, and break the cycle of poverty.