News release

$23.2M in refinancing secured for a multi-housing community near Albany

January 26, 2022

JLL Capital Markets arranged the refinancing for the 197-unit Elm Estates located in Selkirk, NY

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

MORRISTOWN, NJ, Jan. 26, 2022 – JLL Capital Markets announced that it has arranged a $23.2 million refinancing for Elm Estates, a 197-unit multi-housing community located near Albany in Selkirk, New York.

JLL worked on behalf of the borrower, Tower Management Service, LP, to secure the 10-year, fixed-rate, non-recourse loan through Freddie Mac Multifamily. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Built in 1978, Elm Estates offers spacious two- and three-bedroom townhomes and duplexes. The units feature central air conditioning, private entrances and garages, large kitchens with full-size appliances, in-unit washers and dryers and walk-in closets. The property has been well maintained by ownership, who has renovated approximately 70% of units since 2017.

Situated at 122-A Fairlawn Dr., the property is located in the town of Bethlehem, a hamlet of Selkirk. Bethlehem is located just south of the city of Albany, providing residents of Elm Estates access to the capital city of New York State in under 15 minutes. 

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E Didio, Jr. and Associate Gerard Quinn.

“Tower Management has done an excellent job operating and upgrading Elm Estates since the asset was acquired in 2008,” said Didio, Jr. “JLL is very pleased to secure a long-term, fixed-rate refinance with Freddie Mac on behalf of the borrower.”

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 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Tower Management Service, LP

Tower Management Service, L.P. is a real estate operating company that owns approximately 2200 multifamily apartment units in approximately 20 garden style apartment communities located in New York State and New Jersey. The company's corporate office is located in River Edge, New Jersey, in a 7,500 square foot office building owned and primarily occupied by Tower. Tower employs approximately 60 people, 10 of which are located in River Edge. The remaining employees are located at the various sites, performing property management and maintenance functions. Tower is a Delaware Limited Partnership consisting of approximately 150 limited partners. Tower Management Service, Inc. is the sole General Partner.