JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton, Colorado.
JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract before acquisition and loan closing, preserving affordability at Benjamin Square for 20 years. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Benjamin Square consists of 10 single-story buildings that are 100% Section 8 affordable housing. The property was completed in 1979 and 1980 and offers all one-bedroom units. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area.
Located at 55 Juniper Ave., Benjamin Square is close to downtown Greeley and about an hour north of downtown Denver. The 2.86-acre site is adjacent to Eaton Elementary School, Middle School and High School is a primarily residential area of the community.
JLL’s Debt Advisory team representing the borrower was led by Managing Directors Brock Yaffe and Tony Nargi.
Brikwell is a values driven real estate company committed to improving the lives of its team members, stakeholders, and the greater communities it has the opportunity to serve. The company’s mission is to thoughtfully buy, build, and operate resident and community-focused real estate to positively impact lives and generate superior risk-adjusted returns. Brikwell acquires communities nationally and develops in the Mountain West region, with a focus on affordable and market-rate housing. The company’a collective experience includes the acquisition, development, and asset management of over $3.8B of real estate.
