JLL Capital Markets announced that it has arranged the $71.55 million financing for a 500-unit, garden-style multi-housing property located within the Chicago MSA.
JLL worked on behalf of the borrower, Amzak Capital Management, to secure the ten-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in the 80s and renovated in the 2000s, the community has seen over 8% rent growth in a submarket that has seen over 6% in the last 12 months. Even with these increases, the property qualified at 97% Mission Driven, a natural affordability measure that both agencies are seeking in their quest to provide capital for more affordable projects.
The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Elliott Throne and Director Mike Brady.
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.
