Suburban Philadelphia multi-housing property refinanced with $56M HUD loan
JLL Capital Markets arranged the HUD 223(f) loan for a multi-housing property in Burlington County, NJ
MORRISTOWN, N.J., April 18, 2022 – JLL Capital Markets announced today that it has arranged a $56 million refinancing with a 223(f) HUD loan for a multi-housing property with approximately 300 units in the suburban Philadelphia-area community of Burlington County, New Jersey.
JLL worked on behalf of the borrower to originate the FHA loan utilizing the 223(f) mortgage insurance program. The loan will be serviced by JLL Real Estate Capital, LLC, a HUD approved MAP/Multi-housing and 232/Lean Healthcare Lender.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Matthew Pizzolato, Michael Klein, Kevin Korn and Gerard Quinn.
“As a HUD-approved lender, we were able to provide our client with an extremely attractive, long-term, fixed-rate option for their property,” Pizzolato said.
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 advisory 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.
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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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 (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 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.