Jones Lang LaSalle Inc.

02/01/2023 | Press release | Archived content

$2.52M financing secured for Wyoming affordable housing community

DENVER, Feb. 1, 2023 -JLL Capital Markets announced today that it has arranged the $2.52M acquisition financing for Autumn Ridge, a 48-unit, garden-style affordable housing community located in Laramie, Wyoming.

JLL worked on behalf of the borrower, Graystoke Capital Partners and Aleph Bet, to secure the ten-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Constructed in 2008, Autumn Ridge consists of two-, three- and four-bedroom units with patios/balconies, fully equipped kitchens, washer and dryer connections, central AC and heat and window coverings. Community amenities include a playground, an on-site leasing office, a basketball court, a computer room, a fitness center, on-site laundry facility and on-site maintenance.

The property is situated at 752 Evans St., where residents can enjoy access to nearby shopping and major transportation arteries. Proximate employers include University of Wyoming, Trihydro, Peak Wellness Center and Cathedral Home for Children.

"Graystoke Capital Partners and Aleph Bet are very excited to expand our Mountain West portfolio with the acquisition of another phenomenal asset, Autumn Ridge. This marks the firm's first acquisition in Wyoming. Tony Nargi and the JLL team did an outstanding job on the debt financing, and the firm looks forward to working with them on future acquisitions," said Graye Parnell, Managing Principal of Graystoke.

The JLL Capital Markets team was led by Managing Director Tony Nargi.

"JLL is very pleased to be involved in this acquisition financing for Graystoke and Aleph Bet. They are tremendous owner operators in the Mountain West and will do extremely well on this investment. Fannie Mae provided very strong pricing for this affordable property and allowed for the subordinate HOME loan to remain in-place, reducing the equity requirement to close," said Tony Nargi.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

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 and sales 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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Based in Boise, ID, Graystoke Capital Partners is a regionally focused private equity firm that identifies and acquires unique, undervalued, or poorly managed real estate assets in the Mountain West region. Many of these properties are in growing cities with out-sized corporate and population growth and are typically acquired on an off-market basis. We invest in secondary and tertiary markets where the economic fundamentals support a trend of emerging liquidity.

We are local in the markets we transact and invest in, giving us an advantage in sourcing, due diligence, structuring and capital recovery.

Based in Boise, ID, Aleph Bet is a private consulting firm specializing in serving clients complete the acquisition, disposition, and/or refinancing of affordable multifamily communities. Aleph Bet is a subsidiary of Aleph Tav, whose focus is the acquisition and development of affordable multifamily communities throughout the Mountain West.