Eastglen Apartments secures $11.96M in financing from Freddie Mac
JLL Capital Markets closes financing for the 102-unit multi-housing property in Longmont, Colorado
DENVER, July 8, 2024– JLL Capital Markets announced today that it secured $11.96 million in acquisition financing for Eastglen Apartments, a 102-unit multi-housing property in Longmont, Colorado.
JLL worked on behalf of the borrower, a joint venture between Two Arrows Group and LEM Capital, to secure the five-year, fixed-rate loan through the Freddie Mac Targeted Affordable Housing team. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Eastglen Apartments offers a variety of spacious one-, two- and three-bedroom apartment homes, with an average unit size of approximately 870 square feet. Each apartment is equipped with a full kitchen, air conditioning, a tub/shower and a private balcony or patio. Additionally, the community provides an array of amenities, including laundry facilities, a community swimming pool, a courtyard, an on-site surface lot and access to parks and trails.
Situated in the Denver MSA, Longmont is conveniently positioned between Denver and Fort Collins along Interstate 25. The property, located at 630 Lashley St., is within a four-mile radius of several national and local retailers, such as The Home Depot, Starbucks, Walmart Supercenter, Sam's Club, Costco, Target and King Soopers. It is also a short drive to downtown Longmont, which offers a vibrant atmosphere with its combination of historic architecture, boutique shops, art galleries and diverse culinary options.
The JLL Capital Markets Debt Advisory team was led by Managing Directors Tony Nargi and Brock Yaffe.
"JLL is thrilled to be involved in this financing for Two Arrows and LEM. Two Arrows is an absolutely tremendous local owner and operator of workforce housing in Colorado," said Nargi. "The strong sponsorship of Two Arrows Group and LEM, coupled with the property’s affordability, allowed for Freddie to provide a very attractive interest rate."
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.
For more news, videos and research resources, please visit JLL’s newsroom.
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 $20.8 billion and operations in over 80 countries around the world, our more than 108,000 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.
About Two Arrows Group
Two Arrows Group (“Two Arrows”) is a privately held real estate investment company focused on acquiring multifamily properties across the Colorado Front Range. Investing in Colorado real estate for the past 15 years, the Two Arrows principals have developed a fanatical passion for acquiring, improving and operating multifamily communities in new and innovative ways. It is this passion and entrepreneurial spirit that has created a strong track record of multifamily investing and successful community repositioning.
About LEM Capital
LEM Capital is a real estate private equity firm with a 22-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles.
The team consists of multifamily experts that seek to acquire well-located apartment properties where LEM can add value to help increase rents through physical upgrades and implementation of better management practices. The firm’s approach combines the local, long-term market knowledge and day-to-day management of its network of nationwide operating partners with LEM’s disciplined investment selection, rigorous due diligence process and intensive asset management oversight, all led by the firm’s partners. LEM’s goal is to deliver attractive risk-adjusted returns to its investors while safeguarding capital.