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Northeast Portland Affordable Housing Community Receives Financing
JLL Capital Markets arranged a loan for Center Village Apartments, a 60-unit affordable Low-Income Housing Tax Credit community in Northeast Portland. JLL worked on behalf of Innovative Housing, Inc. (IHI) to secure the 17-year, 35-year amortization loan through Freddie Mac.
Center Village is a mid-rise, multi-housing community at 5845 NE Hoyt St. with rents restricted to 30% to 60% of AMI. The loan was used for improvements to the multi-housing property, including a new roof, exterior siding, window replacement and interior unit and common area upgrades.
IHI’s Carolyn O’Doherty says, “The 60 family-sized units currently house more than 175 people who are now able to enjoy refreshed apartments and better amenities thanks to the investment by JLL and other partners.”
The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. JLL also coordinated a 24-month forward interest rate. This loan, along with other capital sources, repaid an original Wells Fargo Bank construction loan.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing


