JLL Capital Markets successfully sold and arranged acquisition financing for a large independent living community in the northern Detroit suburb of Southfield, Michigan. Featuring 298 units, the community is also primed to be converted into active adult, but we will wait and see if the new regional owner/operator (who is focused on that market) will do that. They paid $17 million, or $57,000 per unit, for the property and received $25.35 million in non-recourse financing to cover both the purchase and planned renovations.
JLL’s David Gaines, Joel Mendes and Dav Macdonald worked on behalf of a private investor seller to complete the sale, while Trent Niederberger and Stephen Van Leer arranged the financing.
