DENVER, CO - JLL Capital Markets announced today that it has arranged the $18.239 million acquisition financing for Cambridge Estates, a 358-unit, garden-style affordable apartment community in Lafayette, Indiana. Approximately 41% of the units are covered by a long-term Project-Based Section 8 Housing Assistance Payments (HAP) contract.
JLL represented the borrower, Brikwell, to secure the fixed-rate 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 prior to acquisition and loan closing, preserving much needed affordability at Cambridge Estates for 20 years. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Constructed from 1973-1977, Cambridge Estates offers ones-, two- and three-bedroom floor plans across 40 residential buildings on a 35.61-acre site.
Cambridge Estates is located at 3605 Brandywine Court. It is set directly off of U.S. Route 52 and is just an hour northwest of downtown Indianapolis. The property is proximate to nearby employers, including the Subaru Lafayette Auto Plant and Purdue University.
The JLL Capital Markets Debt Advisory team was led by Managing Directors Brock Yaffe and Tony Nargi, along with Director Nelson Almond.
“The acquisition of Cambridge Estates represents the opportunity to preserve quality affordable housing for the Lafayette community. Brikwell is honored to be stewards of this asset and uphold quality operations while executing our business plan. This plan includes upgrading systems, optimizing utility usage and implementing management practices to the benefit of both the residents and greater community,” said Max Bresner, Brikwell co-founder and managing director.