JLL Capital Markets announced its role in completing the sale and financing of Mariposa, a 313-unit seniors housing community in Lake Worth, Florida. We wrote on Wednesday that Focus Healthcare Partners acquired the campus and was bringing on Arbor Senior Living to operate it.
Sitting on 22.5 acres, the community was built in 2018 with a three-story IL/AL building consisting of 259 units and an adjacent one-story memory care building featuring 54 units. It was more than 95% occupied, and has been at 90% and above since September 2020. That is fantastic, and credit to Discovery Senior Living, which was the previous operator. Arbor Senior Living will hopefully hit the ground running as the new operator, renaming it The Arbor at Lake Worth.
We reported in 2019 that Big Rock Partners developed the community at a cost of $106 million, so we are also guessing the purchase price falls below that amount, given the current market for even well-run, stabilized buildings. We also found the property to be in Ventas’s most recently, publicly available, downloadable property list and suspect the REIT to be the seller.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Jay Wagner, Rick Swartz, Aaron Rosenzweig, Jim Dooley and Manny de Zarraga. JLL’s Allison Holland and Alex Sheaffer led the debt advisory efforts on behalf of Focus, securing a fixed-rate acquisition loan through Freddie Mac. The loan, which has a loan-to-value of 62%, will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender for seniors housing loans. Public records reveal the loan amount to reach $48 million, which given the 62% LTV would put the purchase price at around $77 million, or under $250,000 per unit.
