JLL Capital Markets announced that it arranged $11 million in financing for Booth Residences, a 150-unit affordable housing property, located at 6000 Townevista Drive in Cincinnati, OH. JLL worked on behalf of the borrower, The Salvation Army, to secure a HUD “Heavy” 223(f), fixed-rate loan to preserve and renovate the senior housing community. Booth Residences was built in 1981 with a modest renovation completed in 2006 utilizing LIHTC funding and subject to rent restrictions through a Regulatory Agreement. The Salvation Army will complete upgrades for accessibility/ADA compliance, unit and building improvements, as well as common area improvement.
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