Amazon Housing Equity Fund Provides $139.6M in Financing for 11 Affordable Housing Communities in Washington

by Amy Works

BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State.

JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions.

The properties included in the financing are:

  • Sound Transit Angle Lake, a 130-unit property in SeaTac
  • Ardea at Totem Lake, a 170-unit community in Kirkland
  • MLK Family Housing, a 148-unit asset in Seattle
  • Crossroads Apartments, a 108-unit community in Bellevue
  • Altaire at Jackson Park, a 207-unit property in Seattle
  • Atrium Court Apartments, a 271-unit community in Seattle
  • Terrapin Apartments, a 172-unit asset in Bellevue
  • Bode Greenwood, a 126-unit community in Seattle
  • Trace 4001, a 191-unit property in Seattle
  • Lake Washington Apartments, a 379-unit asset in Seattle
  • Claremont Apartments at Walden, a 68-unit property in Seattle

C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.

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