MIAMI, Aug. 8, 2022 – 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 80’s and renovated in the 2000’s, the community has seen over 8 percent rent growth in a submarket that has seen over 6 percent in the last 12 months. Even with these increases, the property qualified at 97 percent 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…