JLL Capital Markets has secured $11.96 million in acquisition financing for Eastglen Apartments, a 102-unit multi-housing property in Longmont.
JLL worked on behalf of the borrower, a joint venture between Two Arrows Group, a privately held real estate investment company focused on acquiring multifamily properties across the Colorado Front Range, and real estate private equity firm LEM Capital, to secure the five-year, fixed-rate loan through the Freddie Mac Targeted Affordable Housing team. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.
Eastglen Apartments offers a variety of spacious one-, two- and three-bedroom apartment homes, with an average unit size of approximately 870 square feet. Each apartment is equipped with a full kitchen, air conditioning, a tub/shower and a private balcony or patio. Additionally, the community provides an array of amenities, including laundry facilities, a community swimming pool, a courtyard, an on-site surface lot and access to parks and trails.
The property, located at 630 Lashley St., is within a four-mile radius of several national and local retailers, such as The Home Depot, Starbucks, Walmart Supercenter, Sam’s Club, Costco, Target and King Soopers. It is also a short drive to downtown Longmont, which offers a vibrant atmosphere with its combination of historic architecture, boutique shops, art galleries and diverse culinary options.
The JLL Capital Markets Debt Advisory team was led by Managing Directors Tony Nargi and Brock Yaffe.
“JLL is thrilled to be involved in this financing for Two Arrows and LEM. Two Arrows is an absolutely tremendous local owner and operator of workforce housing in Colorado,” said Nargi. “The strong sponsorship of Two Arrows Group and LEM, coupled with the property’s affordability, allowed for Freddie to provide a very attractive interest rate.”
