JLL Capital Markets secured $11.75M in forward permanent financing for the 104-unit Third Thyme in Los Angeles, California
News release
17 July 2023
$11.75M financing secured for an affordable multi-housing community in L.A.
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LOS ANGELES, July 17, 2023 – JLL Capital Markets announced today that it has secured $11.75 million in forward permanent financing for Third Thyme, a 104-unit, affordable multi-housing community in Los Angeles, California.
JLL worked on behalf of the borrower, West Hollywood Community Housing Corporation, to secure the 15-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
The property is an affordable, new construction, high rise, utilizing 9% LIHTC and public funds. The property will serve seniors aged 62+, and permanent supportive housing, as well as achieve LEED Gold certification at completion.
Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot lot in the Westlake North neighborhood.
The JLL Capital Markets Debt Advisory Team was led by Senior Director Anson Snyder.
“West Hollywood Community Housing Corporation is an experienced developer that navigated rising interest rates and construction costs during bank failure and market disruption,” said Snyder. “The entire team worked to make Third Thyme a reality. JLL and Freddie Mac are committed to affordable housing.”
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About West Hollywood Community
West Hollywood Community Housing Corporation builds new high-quality apartment buildings and has renovated older ones that provide housing and services to lower and fixed-income people using environmentally sustainable materials and other components that protect the environment. WHCHC has apartment communities in the cities of West Hollywood, Los Angeles and Glendale. WHCHC maintains a development pipeline of three to four projects.