A brand-new senior living community that has already reached stabilization just secured a bank refinance thanks to the efforts of the Newmark Knight Frank team. Located in an affluent submarket of Jacksonville, Florida, HarborChase of Mandarin is set on a 4.1-acre parcel purchased by Vestcor Communities in 2016 for $2.5 million, and groundbreaking quickly followed. The community features 94 independent living and assisted living units, along with 20 units set aside for memory care residents. Back in 2016, development cost was estimated at $27 million, or over $235,000 per unit.
The community opened in 2018 and quickly stabilized by January 2020. Even with the pandemic, occupancy remained consistently over 98%. So, in July 2020, the Newmark team was hired and secured several term sheets for the community, eventually selecting Regions Bank, which completed the transaction within 35 days.
