LOS ANGELES, Nov. 27, 2023 - JLL Capital Markets announced today that it arranged $11 million in financing for Booth Residences, a 150-unit affordable housing property located at 6000 Townevista Drive in Cincinnati, Ohio.
JLL worked on behalf of the borrower, The Salvation Army, to secure a HUD "Heavy" 223(f), fixed-rate loan, 35 years fully amortizing to preserve and renovate the senior housing community.
Booth Residences was built in 1981 with a modest renovation completed in 2006 utilizing Low Income Housing Tax Credits (" LIHTCs "). The property is subject to rent restrictions through a Regulatory Agreement. The Salvation Army will complete upgrades for accessibility / ADA, unit and building improvements, as well as common areas. The renovation work schedule is 12 months.
The JLL Capital Markets Debt Advisory team was led by Senior Director Anson Snyder.
"JLL was tasked with providing a long-term, fixed rate, non-recourse loan solution that would allow The Salvation Army the ability to provide required upgrades that directly assist the resident," said Snyder. "JLL's HUD team is highly experienced and able to navigate the loan requirements to accomplish a successful loan option."
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.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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Jones Lang LaSalle Inc. published this content on 27 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2023 17:34:12 UTC.
