JLL Capital Markets arranges financing for luxury multifamily project with affordable housing component, Allez Apartments
News release
11 November 2024
$30M loan secured for mid-rise Redmond apartment community
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SEATTLE, Nov. 11, 2024 – JLL Capital Markets announced today that it has arranged a $30 million loan for Allez Apartments, a 148-unit luxury multifamily community in downtown Redmond, Washington.
JLL worked on behalf of the borrower, Pine Forest Properties, to secure the 10-year, fixed-rate loan through PGIM Real Estate.
Located at 8397 158th Ave NE, Allez Apartments is strategically positioned in downtown Redmond, just minutes from the future Downtown Redmond Link Light Rail station, SR-520 and major tech employers. The community offers residents walkable access to numerous retail, dining and entertainment options, as well as outdoor recreational amenities like the Sammamish River Trail.
Completed in 2014, Allez Apartments is a six-story mid-rise community offering 148 units with an average size of 788 square feet, featuring a mix of studios, one- and two-bedroom apartments with high-end finishes including custom cabinetry, ceramic-top ranges, stainless steel appliances, hardwood flooring and high ceilings. Residents enjoy a robust amenity package including a state-of-the-art fitness center, outdoor patio with grills and fireplace, spacious resident lounge, bike storage and repair station and controlled access garage parking. The community also includes 2,844 square feet of ground-floor retail space and participates in Redmond's ARCH program, designating 12 units as affordable at 80% of AMI to provide housing options for a range of income levels.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Seth Heikkila and Director Steve Petrie.
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.
For more news, videos and research resources, please visit JLL’s newsroom.
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 111,000 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 Pine Forest Properties
Pine Forest Properties is a premier Pacific Northwest real estate investment and development firm with over 40 years of experience. Its current portfolio includes multifamily, industrial and office assets located across the region in Bellevue, Kirkland, Redmond, Woodinville, and Everett. For further information, visit pineforestproperties.com.