The JLL team has secured both construction debt and joint venture equity for a joint venture to build a new luxury senior living community in Evanston, Illinois (Chicago MSA). Located on an irreplaceable 0.77-acre infill site just north of downtown Evanston, the nine-story project will consist of a mix of private independent living, assisted living and memory care units. It’s set to open in 2021 with a host of amenities that include multiple terraces with views of Lake Michigan.
The total cost is estimated to be about $75 million, or $460,000 per unit. That’s a high figure, but given the location and Class-A finishes/amenities, we think the owners will be able to increase that per-unit value. Also, if seniors flock to more urban senior living settings, which we think they will, this project sounds like even more of a winner.
A Chicago-based developer of office, retail, residential and hospitality properties, Condor Partners, is building the community in a joint venture with Denver-based seniors housing operator, Solera Senior Living. With the help of Joel Mendes of JLL, they secured debt from a national bank and equity that was provided by an institutional private equity fund manager. Both capital sources have significant experience in seniors housing.