News release

$7.024M refinancing arranged for a Chicago-MSA multi-housing community

JLL Capital Markets secured the financing for the 198-unit, age-restricted Gary Manor in Gary, Indiana

July 19, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

DENVER, July 19, 2023 – JLL Capital Markets announced today that it has arranged the $7.042 million refinancing for Gary Manor, a 198-unit, age-restricted, 100% HAP multi-housing community located in Gary, Indiana within the Chicago-Naperville-Elgin MSA.

JLL worked on behalf of the borrower, Monroe Group Limited and Steele Properties, to secure the ten-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.

Built in 1980 and substantially renovated in 2011, Gary Manor is an age-restricted (62+) and disabled family multi-housing property. The property consists of a 12-story building for seniors and four, two-story walk-up buildings for families, and floor plans include 172 one-bedroom units, 20 two-bedroom units and six three-bedroom units. Amenities include elevator service, on-site property management and maintenance, ADA accessible units, on-site parking, a community room with a kitchen and a laundry facility.

Situated at 1200 Washington St., Gary Manor is conveniently located in the heart of downtown Gary. The community is just one block off the main street and bus route and offers residents close proximity to I-65.

The JLL Capital Markets Advisory team was led by Director Leif Olsen and Managing Director Kristian Lichtenfels.

“JLL is thankful for the opportunity work on behalf of Steele Properties in securing a great loan from Freddie Mac for the recapitalization of Gary Manor,” said Olsen. “We were able to leverage a full market engagement from each of the agency lenders on this loan request.  Steele Properties managed to navigate a volatile treasury market by utilizing Freddie Mac’s index lock offering and was further able to maximize proceeds on the debt service constrained financing by opting to exercise Freddie Mac’s rate buy-down option.  Freddie Mac continues to provide certainty of execution in the midst of a difficult debt market.” 

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. 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 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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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 $20.9 billion and operations in over 80 countries around the world, our more than 105,000 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.

Steele Properties

Steele Properties, LLC is a Denver-based national real estate investment company specializing in the acquisition, rehabilitation and new construction of affordable multi-family rental properties. The company was formed in 2006 with the mission to preserve, improve and increase affordable housing opportunities for vulnerable communities across the country. Steele has successfully completed over $1 billion in acquisitions, sales and development activity involving over 80 properties and 8,400 units, including over 75 tax credit projects.

Monroe Group

Monroe Group manages 80+ properties with over 8,400 units in 24 states across the country making a difference every day for low-income families, seniors and persons with disabilities.