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JLL organized the fixed-rate Freddie Mac mortgage.
Brikwell has secured $18.2 million in acquisition financing for Cambridge Estates, a 358-unit reasonably priced group in Lafayette, Ind. Samaritan Cos. was the vendor, based on Yardi Matrix knowledge. JLL Capital Markets organized the fixed-rate Freddie Mac mortgage, serviced by JLL Actual Property Capital LLC.
Roughly 41 p.c of Cambridge Estates’ items are designated as reasonably priced, lined by a long-term Challenge-Based mostly Part 8 Housing Help Funds contract. The renewal of the contract will protect the affordability of the group for at the least 20 years.
Accomplished in numerous phases between 1973 and 1977, the garden-style group encompasses 40 buildings with one-, two- and three-bedroom flats ranging between 640 and 1,200 sq. toes. Neighborhood facilities embrace a health heart, a swimming pool, a playground, a basketball court docket, laundry services and parking areas.
Cambridge Estates is positioned at 3605 Brandywine Court docket, within the East Layafette submarket. The group sits on a 35.6-acre website close to Interstate 65 and Route 52, which give direct entry to downtown Indianapolis. There are a number of eating choices, retail facilities and inexperienced areas within the property’s proximity, corresponding to Lafayette Market Place and CAT Park. Ivy Tech Neighborhood Faculty and IU Well being Arnett Hospital are inside a 3.5-mile radius of the group.
Director Nelson Almond, Managing Director Tony Nargi and Managing Director Brock Yaffe led JLL’s Debt Advisory workforce. One other JLL Capital Markets workforce, led by Senior Director Anson Snyder, organized $10.5 million in development takeout refinancing for an 80-unit reasonably priced housing growth in Southeast Los Angeles.
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