JLL Capital Markets arranged the sale and financing, secured through Freddie Mac, for a Section 8, affordable seniors housing community in Stillwater, Minnesota. Rivertown Commons features 96 units across seven stories with 55,800 total square feet. JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm that specializes in affordable and workforce housing. The buyer intends to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions.
The JLL Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers. The JLL Debt Advisory team was led by Senior Managing Director C.W. Early, Senior Managing Director Ken Dayton and Senior Director Pat McMullen. Multiple bids were received from local and national investors due to the size of the HAP contract and the limited affordable housing inventory for sale.
