Brikwell Secures $18M for Indianapolis-Area Affordable Community
JLL arranged the fixed-rate Freddie Mac loan.
Brikwell has secured $18.2 million in acquisition financing for Cambridge Estates, a 358-unit affordable community in Lafayette, Ind. Samaritan Cos. was the seller, according to Yardi Matrix data. JLL Capital Markets arranged the fixed-rate Freddie Mac loan, serviced by JLL Real Estate Capital LLC.
Approximately 41 percent of Cambridge Estates’ units are designated as affordable, covered by a long-term Project-Based Section 8 Housing Assistance Payments contract. The renewal of the contract will preserve the affordability of the community for at least 20 years.
Completed in different phases between 1973 and 1977, the garden-style community encompasses 40 buildings with one-, two- and three-bedroom apartments ranging between 640 and 1,200 square feet. Community amenities include a fitness center, a swimming pool, a playground, a basketball court, laundry facilities and parking spaces.
Cambridge Estates is located at 3605 Brandywine Court, in the East Layafette submarket. The community sits on a 35.6-acre site near Interstate 65 and Route 52, which provide direct access to downtown Indianapolis. There are multiple dining options, retail centers and green areas in the property’s proximity, such as Lafayette Market Place and CAT Park. Ivy Tech Community College and IU Health Arnett Hospital are within a 3.5-mile radius of the community.
Director Nelson Almond, Managing Director Tony Nargi and Managing Director Brock Yaffe led JLL’s Debt Advisory team. Another JLL Capital Markets team, led by Senior Director Anson Snyder, arranged $10.5 million in construction takeout refinancing for an 80-unit affordable housing development in Southeast Los Angeles.