/ Land Development / JLL closes $139.64M in financings from The Amazon Housing Equity Fund over last six months

JLL closes $139.64M in financings from The Amazon Housing Equity Fund over last six months

Parul Dubey on March 28, 2024 - in Land Development

The loans supported the development and preservation of 11 affordable housing communities located across Washington


CHICAGO – JLL Capital Markets and JLL Public Institutions announced today that it has executed $139.64 million in financings from The Amazon Housing Equity Fund over the last six months for the development/preservation of 11 affordable housing communities, totaling 1,970 units, located across the Puget Sound region of Washington.

JLL acted as the credit underwriter for Amazon, who provided long-term, fixed-rate loans for 9 separate borrowers. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing to carry out the acquisition and construction/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 financings are:


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


“In addition to being affordable, these homes are all in close proximity to resources residents need, like transit, good schools, employment centers and more,” said Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund. “We’re grateful for the opportunity to help bring such a critical resource to Puget Sound residents.”

The advisory team working with Amazon was jointly led by Senior Managing Director C.W. Early, Senior Managing Director Mary Davis and Vice President David Lott of JLL Capital Markets Debt Advisory and both Martine Combal, Senior Vice President, and Eileen Tumalad, Vice President, with JLL’s Public Institutions practices. The JLL Capital Markets team structured and underwrote the transactions, while the Public Institutions team focused on program management for Amazon. This unique partnership between JLL Capital Markets and JLL’s public sector work demonstrates JLL’s drive to deliver for its clients and meet dynamic and evolving real estate needs.

“JLL is proud to be working with Amazon’s Housing Equity Fund on this historic initiative,” Early said. “Their funding allows new or renovated units to come to market that are otherwise infeasible at affordable price points and keeps those units affordable for 99 years in markets with high and increasing rents. Without Amazon and numerous other public resources for many of these projects, they would not happen. Congratulations to these mission-driven developers, and many thanks to Amazon, as well as the other public funders involved in these deals, including the City of Seattle Office of Housing, Washington State Housing Finance Corporation, ARCH and King County.”

According to JLL Research, demand for more cost-effective rental options has never been higher, as national effective rents grew 28% in the last two years. Previous affordable markets are becoming less affordable, as migration trends accelerate supply constraints and highlight the need for additional affordable housing in secondary markets.

“With the firm’s expertise in real estate, finance and market analysis, we are excited to partner with Amazon and the respective borrowers to support everyone’s commitment to social responsibility,” Combal said. “This collaborative partnership is inspiring, as each project strives to bridge the housing gap and make housing more accessible for all. With a focus on preservation and transit-oriented development, these projects do more than expand housing options, they build a brighter future and strengthen the vitality of these communities.” 

The Amazon Housing Equity Fund is a more than $2 billion commitment to preserve and create more than 20,000 affordable housing units in Washington state’s Puget Sound region; in and around Arlington, Virginia; and Nashville, Tennessee – three hometown communities where the company has a large and growing presence. The fund increases housing options for moderate-to-low-income families by providing affordable housing providers with quick access to low-rate loans to create or preserve buildings where affordability would have otherwise been lost to commercial-rate development. The fund will also provide cash grants to businesses, nonprofits, and minority-led organizations to help them build a more inclusive solution to the affordable housing crisis, which disproportionately affects communities of color.

JLL’s Public Institutions practice is the premier provider of strategic real estate advisory for local, state, national, and federal governments as well as public and education institutions. Its national team covers the entire real estate lifecycle from strategy, public-private partnerships, facilities management, and sustainability services to transaction and project management. JLL brings both the experience and expertise to convert real estate portfolios into working assets that meet operational and occupancy requirements while generating revenues and reducing costs.

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.

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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 $20.9 billion and operations in over 80 countries around the world, our more than 106,000 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.



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