$23.2M in refinancing secured for a multi-housing community near Albany

26 January 2022

MORRISTOWN, NJ, Jan. 26, 2022 – JLL Capital Markets announced that it has arranged a $23.2 million refinancing for Elm Estates, a 197-unit multi-housing community located near Albany in Selkirk, New York.

JLL worked on behalf of the borrower, Tower Management Service, LP, to secure the 10-year, fixed-rate, non-recourse loan through Freddie Mac Multifamily. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.

Built in 1978, Elm Estates offers spacious two- and three-bedroom townhomes and duplexes. The units feature central air conditioning, private entrances and garages, large kitchens with full-size appliances, in-unit washers and dryers and walk-in closets. The property has been well maintained by ownership, who has renovated approximately 70% of units since 2017.

Situated at 122-A Fairlawn Dr., the property is located in the town of Bethlehem, a hamlet of Selkirk. Bethlehem is located just south of the city of Albany, providing residents of Elm Estates access to the capital city of New York State in under 15 minutes. 

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Director Thomas E Didio, Jr. and Associate Gerard Quinn.

“Tower Management has done an excellent job operating and upgrading Elm Estates since the asset was acquired in 2008,” said Didio, Jr. “JLL is very pleased to secure a long-term, fixed-rate refinance with Freddie Mac on behalf of the borrower.”