JLL Capital Markets worked on behalf of the borrower, Mirror Lake Village LLC, to secure a $29.5 million refinancing for Mirror Lake Village, a 114-unit, 138-bed senior living community in Federal Way, Washington. The community comprises 30 assisted living units, 66 memory care units and 18 independent living cottages. The combination of balance sheet financing from a regional bank together with retroactive C-Pace provided for full leverage on the reset budget and blended all in rate of 5.21% including 10 years of interest only and 45% of the financing as fixed rate non-recourse. Alanna Ellis of JLL Capital Markets handled the transaction.
