$5.8M financing arranged for Colorado affordable housing community
JLL Capital Markets led the financing efforts for Benjamin Square, a 60-unit community in Eaton, Colorado
DENVER, June 13, 2024 – JLL Capital Markets announced today that it has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton, Colorado.
JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Benjamin Square consists of 10 single-story buildings that are 100% Section 8 / affordable housing. The property was completed in 1979 and 1980 and offers all one-bedroom units. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area.
Located at 55 Juniper Ave., Benjamin Square is close to downtown Greeley, Colorado, and about an hour north of Downtown Denver. The 2.86-acre site is adjacent to Eaton Elementary School, Middle School and High School is a primarily residential area of the community.
JLL’s Debt Advisory team representing the borrower was led by Managing Directors Brock Yaffe and Tony Nargi.
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 $20.8 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 Brikwell
Brikwell is a values driven real estate company committed to improving the lives of its team members, stakeholders, and the greater communities we have the opportunity to serve. Our mission is to thoughtfully buy, build, and operate resident and community focused real estate to positively impact lives and generate superior risk adjusted returns. Brikwell acquires communities nationally and develops in the mountain west region, with a focus on affordable and market rate housing. Our collective experience includes the acquisition, development, and asset management of over $3.8B of real estate. For further information, visit Brikwell.com.