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JLL Secures $24M Loan for Seattle Affordable Housing Portfolio
JLL Capital Markets has worked on behalf of SRM Development to secure a five-year, fixed-rate, $24.3 million Fannie Mae loan for the acquisition of an affordable housing portfolio in Seattle. The Amazon Housing Equity Fund will also provide mezzanine financing, as all 354 of the small efficiency dwelling units will be 100% affordable at 50% to 80% AMI.
The properties, all constructed within the past six years, are located at 802 5th Ave., 1222 NE 65th St. (pictured), 6921 Roosevelt Way, 836 NE 66th St., 4528 44th Ave. SW and 2037 Yale Ave. The JLL team included Anson Snyder, C.W. Early and Kaden Eichmeier.
“To preserve this number of units at these rents is a once-in-a-blue-moon opportunity,” said SRM’s Conor Hansen. “We would not be here without the vision, strong partnership and commitment from the Urban League, Amazon and the City of Seattle’s Office of Housing. These are the partnerships we need to battle our affordable housing crisis.”
- ◦Financing
