JLL Capital Markets arranged the financing for the 700-site Audubon Estates in Alexandria, Virginia
News release
05 December 2023
Refinancing secured for manufactured housing community near D.C.
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SAN DIEGO, Dec. 5, 2023 – JLL Capital Markets announced today that it has arranged the refinancing for Audubon Estates, a five-star, 700-site manufactured housing community located near Washington, D.C. in Alexandria, Virginia.
JLL worked on behalf of the borrower, Hometown America, to secure a seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender.
Built in 1972, the property operates at 100% occupancy with no vacancy for the previous 20 years. Community amenities include a basketball court, bus and train access, picnic areas, playgrounds and a RV and boat storage area.
Situated at 7930 Audubon Ave., the community is five miles from Huntington Metro Station, six miles to historic downtown Alexandria and 14 miles to downtown Washington, D.C.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Zach Koucos, Senior Director Chris Collins and Vice President Bharat Madan.
“This transaction demonstrates the continued liquidity within the capital markets for quality manufactured housing communities and top tier sponsors. We are excited to be apart of this transaction and support Hometown America in securing this financing," said Koucos.
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 Hometown America
Founded in 1997 and based in Chicago, Hometown America is a private real estate investor specializing in manufactured home communities. Since 2002, the company has been owned and operated by its management team with Washington State Investment Board (“WSIB”) as their sole investor. Their assets are primarily four- and five-star communities, concentrated in Florida, California, and the Northeast U.S. Hometown constantly seeks to augment their portfolio with assets that exhibit similar characteristics.