JLL Capital Markets arranged the sale of Prairie House, a 105-unit assisted living/memory care community located in Broken Arrow, Oklahoma. Located on the Ascension St. John Broken Arrow campus, which is affiliated with Ascension St. John Hospital, the community was built in 2017 and has 73 assisted living and 32 memory care units.
The seller, represented by JLL’s team, which was led by Managing Director Charles Bissell with support from Analysts Zach Brantley and Hope Brunner, was Prevarian Senior Living. The buyer was Wichita, Kansas-based Legend Senior Living, with Prairie House being Legend’s fourth Tulsa-area community and 11th community in the state.
Managing Directors Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare helped finance the acquisition, securing $16.74 million in acquisition financing through Fannie Mae. The 10-year loan featured a 5.68% interest rate, a 30-year amortization schedule and a 65% loan-to-value ratio, which puts the purchase price at approximately $25.75 million, or $245,000 per unit.
