A Dozen-Plus Multifamily Assets Secure $173M in Loans

Financing to the tune of $172.9 million was recently secured for 14 U.S. multifamily properties totaling 1,334 units. JLL capital markets worked on behalf of multiple Southern California-based borrowers to originate the 14 uncrossed 10- and 12-year fixed-rate Fannie Mae loans.

The loans will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender, and range from $6.1 to $40.1 million. Five of the loans are acquisition financing to acquire properties located in Boise; Pooler, GA and West Los Angeles, San Marcos and Escondido. The remaining nine loans were cash-out refinances backed by properties located in Bakersfield, Escondido, Sacramento and Portland, OR.

All loans were part of Fannie Mae’s Green Financing program, allowing borrowers to obtain preferential pricing and additional loan proceeds by making investments in energy- and water-efficient retrofits.

The JLL team representing the borrowers was co-led by Keith Rosso and Marc Schillinger.

“We have seen a trend of clients cashing out or selling some of their urban infill assets to purchase multi-housing properties in suburban California submarkets and out-of-state where there is greater affordability as residents continue to work from home and seek lower-cost alternatives to gateway markets,” Schillinger notes.

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