A major theme coming out of the NIC Fall Conference was the drying up of the construction lending market, but JLL Capital Markets announced it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas. JLL worked on behalf of the joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, 75% loan-to-cost, floating-rate loan through a regional bank, with five years of interest only.
The community will consist of a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages and 25 acres of private dedicated park space. It will open at a cost of approximately $81.3 million, or $355,000 per unit.
The resort-style community will feature amenities such as a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers, a mindful studio, numerous dining venues and multiple gathering spaces. Located within five miles of nearly 100 healthcare operations, including Methodist Richardson and Garland Health Center, The Preserve at Spring Creek is also four miles from Firewheel Town Center and six miles from downtown Plano. Since the average age of seniors housing communities in the area was 16 years old, this development could be a popular new option for residents with a higher price point. Alanna Ellis of JLL Capital Markets represented the borrower in this transaction.
