A life insurance company provided a senior loan to refinance The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, Texas. JLL Capital Markets arranged the $28 million mortgage on behalf of the borrower, Harmony Communities. Taking out existing construction debt and funding an expansion of the community, the loan came with a four-year, fixed-to-floating rate term. JLL Capital Markets’ Debt Advisory team, led by Senior Director Zane Sweet, Director Alanna Ellis and, Analysts Zach Brantley and Kyle White, handled the transaction.
Opened in 2021, the community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care, and 28 to-be-built independent living duplex-style cottage units. UCB provided the original construction financing. Frontier Senior Living is the current operator.
