JLL Capital Markets arranged a $35 million construction-takeout refinancing for a seniors housing community in California. Built in 2019 and expanded in 2021, Ocean Hills Senior Living comprises 216 units in Oceanside. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank.
Ocean Hills offers a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. The AL/MC phase of the property was delivered in 2019, with the IL portion opening in 2021. Initially hampered by the pandemic, occupancy rates have steadily increased. The campus reached initial stabilization in Q4:23.
There was strong lender interest, however, most offers fell short of the ask. However, the regional bank solution provided advantageous loan terms, including higher proceeds and aggressive pricing. The JLL Debt Advisory team was led by Olga Walsh and Jack Wood, alongside the JLL Seniors Housing team.
