JLL Capital Markets sold a newly-built, 107-unit 55+ housing community in Maplewood, Minnesota known as Frost English Silver. The purchase price was $27.3 million, or about $255,140 per unit.
The community has a variety of one- and two-bedroom apartments averaging 876 square feet. The community features a fitness center, outdoor patio with grilling stations, community room, salon, indoor lap pool and heated underground parking. The seller was Sherman Associates and an affiliate of Axial Real Estate Advisors LLC acquired the community.
Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, and JLL’s Jeff Lepley arranged the seven-year, fixed-rate Fannie Mae debt financing for the buyer.
Moving west, JLL arranged $31.6 million in acquisition and mezzanine financing for a newly developed 104-unit assisted living and memory care community in Fallbrook, California. Estancia Senior Living is operated by Meridian Senior Living and consists of 79 assisted living and 25 memory care units with 88,892 square feet on 3.2 acres. An additional five acres came with the purchase.
The borrower, Contour, secured $24 million with a three-year, floating rate bank loan, plus $7.6 million with a four-year, fixed-rate mezzanine loan. JLL’s Alanna Ellis and Jeff Sause arranged the financings.
