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October 28, 2021

JLL details $25M financing role for Bellwether

The DJC previously reported the Amazon-backed acquisition of 212 affordable units at the Marina Club, in Des Moines, and The BLVD in Kent. The buyer was Bellwether Housing, which also had loans from Citibank. Now JLL has announced its role in the two deals. Its C.W. Early and Martine Combal worked with executives at the $2 billion Amazon Housing Equity Fund to structure $24.8 million for the acquisition and rehabilitation of both properties. JLL says the loans are 20-year, fixed-rate instruments. Early said, “JLL is so excited and humbled to be involved in such an amazing program. Amazon has created a platform to preserve, create and improve projects, all while adding very long-term affordability to a market that is sorely in need due to rising rents and high demand.” Bellwether's Susan Boyd said, “As we were preparing our hunt for low-cost capital, Amazon announced its fund. We anticipate this tool will allow us to bring hundreds more units into permanent affordability.” Amazon's Catherine Buell directs the fund, and said, “We are so pleased to be a part of the solution by addressing the affordable housing shortage.”




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