JLL Handles Youngstown, Ohio Sale
A large senior care campus in Youngstown, Ohio sold earlier this year in a deal handled by Mike Garbers of JLL Capital Markets. Previously owned by a not-for-profit, it was built in stages and now features approximately 300 units spanning the whole senior care spectrum. It was considered a value-add opportunity with some capex needs, and private ownership can usually come in and make some quick expense adjustments at a former not-for-profit operation. Indeed, a for-profit owner stepped in to buy the property at an undisclosed price. This was their first acquisition, but the principal does have experience in seniors housing operations. The deal apparently closed pre-COVID, so some... Read More »
JLL Lands Financing for Luxury Chicago Senior Living Project
The JLL team has secured both construction debt and joint venture equity for a joint venture to build a new luxury senior living community in Evanston, Illinois (Chicago MSA). Located on an irreplaceable 0.77-acre infill site just north of downtown Evanston, the nine-story project will consist of a mix of private independent living, assisted living and memory care units. It’s set to open in 2021 with a host of amenities that include multiple terraces with views of Lake Michigan. The total cost is estimated to be about $75 million, or $460,000 per unit. That’s a high figure, but given the location and Class-A finishes/amenities, we think the owners will be able to increase that... Read More »
After Long Road to Opening, Texas Senior Living Community Sells
The JLL Seniors Housing Capital Markets team including Charles Bissell, Cody Tremper, Mike Garbers, Zach Rigby and Jason Skalko represented the seller of a 189-unit senior living community in Longview, Texas. Developed in 2018 adjacent to the Longview Regional Medical Center, the community features 126 independent living, 41 assisted living and 22 memory care units. There are also plenty of amenities, like an outdoor pool and patio area, bocce ball court, a bistro/bar and others. The project had trouble getting off the ground, until Austin-based private equity firm Thrive FP bought it for $20.7 million, or about $110,000 per unit, in a bankruptcy auction. Citizens National Bank financed... Read More »
JLL Sells Chicago Senior Care Campus
Mike Garbers and Cody Tremper of JLL Seniors Housing Capital Markets represented Lutheran Life Communities in its sale of a 171-licensed bed senior care campus in Chicago, Illinois. Originally built in 1921 with additions of the East Wing in 1956 and the West Wing 1970, the property features 55 sheltered care units and a skilled nursing portion that operates with 96 beds. It is situated on a 2.38-acre site in Chicago’s Irving Park neighborhood just northwest of downtown. The buyer ended up being an experienced operator of long-term care facilities in Illinois. They paid an undisclosed price and have renamed the building to Paul House and Healthcare Center. After the deal, Lutheran Life... Read More »Schedule a demo
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