Financing arranged for purchase of subsidized housing in Eaton
EATON — Ten single-story buildings containing 60 units of Section 8 subsidized affordable housing in Eaton have been purchased by a Denver-based real-estate and investment company.
JLL Capital Markets arranged $5.8 million in financing for Brikwell Co.’s purchase of Benjamin Square, a community at 55 Juniper Ave. in Eaton that was built in 1979 and 1980. JLL represented the borrower to secure the fixed-rate senior loan through Freddie Mac Multifamily, crafting a structure with Freddie Mac that provided Brikwell time to renew and extend the project-based Section 8 contract prior to acquisition and loan closing, and preserving affordability at Benjamin Square for 20 years.
The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender.
The one-story buildings have one-bedroom units, and the complex includes a laundry room, community lounge and covered gazebo and picnic area. The 2.86-acre site is adjacent to Eaton Elementary, Middle and High School in a primarily residential area.
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JLL Real Estate Capital, a wholly owned indirect subsidiary of Jones Lang LaSalle Inc., is one of the nation’s largest affordable and conventional multi-housing and senior housing lenders, with loan underwriting, asset management and loan servicing capabilities.
Brikwell buys, builds and operates resident- and community-focused real estate in the Mountain West, with a focus on affordable and market-rate housing.
Ten buildings with 60 units of subsidized affordable housing in Eaton have been purchased by a Denver-based real-estate and investment company.