JLL Capital Markets secured $115 million in bridge financing for a seniors housing portfolio on behalf of Chicago Pacific Founders and Grand Park Capital. The refinance consists of a three-year, non-recourse loan, secured through Ally Bank to take out existing debt. The financing markets responded favorably to the strength of the ownership and asset-level performance, and the loan closed as proposed and on schedule.
The four-asset Town Village Portfolio is primarily comprised of independent living and totals 852 units across Alabama, Tennessee, Oklahoma and Michigan. Built between 2000 and 2002 and having undergone renovations by the sponsors since, the assets are strategically located in high-demand areas. Unit amenities include full utilities, private bathrooms, walk-in showers, attached patios, vinyl and carpeted flooring and built-in emergency call systems.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jay
Wagner and Rick Swartz, Managing Director Joel Mendes, Senior Director Dan Kearns and
Directors Jim Dooley and Robert Tonnessen.
