SAN FRANCISCO, Dec. 20, 2022 -JLL Capital Markets announced today that it has secured refinancing for two of Three Pillar Communities ' West Coast mobile home communities. This includes the $9 million refinancing of the 104-pad Orchard Lane in Happy Valley, Oregon, and the $6 million refinancing of the 81-pad Ukiah Country Manor in Ukiah, California.
Both properties provide critically needed affordable housing, with monthly rents that are a fraction of the cost of local apartment rents.
Orchard Lane was built in 1959 and features 104 manufactured homes. Community amenities include on-site management, laundry, boat and RV storage and a community green space. Situated at 8525 SE Orchard Ln., the property is within easy walking distance of schools, grocery stores, restaurants and medical services.
Built in 1973, Ukiah Country Manor features 81 manufactured homes and offers amenities, including a swimming pool and community center. Located at 3900 North State St., Ukiah Country Manor is proximate to public transportation and Redwood Highway, as well as downtown Ukiah, Mendocino College, Yokayo Shopping Center and Ukiah Municipal Airport.
The JLL Capital Markets Debt Advisory team was led by Director Jonah Aelyon and Analyst Nick Rango.
"This marks JLL and Three Pillar Communities' first transaction together, and we could not be more pleased to be delivering a positive outcome," said Aelyon. "These refinances are a testament to their operational expertise and ability to drive value for their investors, all while providing affordable housing options for their residents."
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 and sales 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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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 20 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2022 23:44:19 UTC.
