JLL Arranges $7M Refinancing for Gary Manor Affordable Community in Gary, Indiana

by Jeff Shaw

GARY, Ind. — JLL Capital Markets has arranged a $7 million refinancing for Gary Manor, a 198-unit, age-restricted community in Gary, approximately 30 miles southeast of Chicago.

Built in 1980 and substantially renovated in 2011, Gary Manor consists of a 12-story building for seniors and four, two-story walk-up buildings for families. Floor plans include 172 one-bedroom units, 20 two-bedroom units and six three-bedroom units.

JLL worked on behalf of the borrowers, Monroe Group Limited and Steele Properties, to secure the 10-year, fixed-rate loan through Freddie Mac Multifamily. JLL Real Estate Capital will service the loan.

Leif Olsen and Kristian Lichtenfels led the JLL Capital Markets Advisory team.

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