JLL successfully arranged acquisition financing for two Iowa-based assisted living and memory care communities, Vintage Hills of Indianola and Country Meadow Place. The facilities, totaling 118 units, were acquired by affiliates of Jaybird Senior Living.
According to Kevin Russell, Chairman of Jaybird Senior Living, JLL exceeded expectations in navigating the challenging environment surrounding the acquisition financing process.
The JLL Capital Markets Debt Advisory team led the effort with Managing Director Jeff Lepley and Associate Alex Sheaffer at the helm. Through their representation of the borrower, they secured a total loan amount of $17.9 million ($151K per unit), which accounted for more than 80% of the purchase price. One loan was obtained through a regional bank while another utilized HUD/FHA’s 232/223(f) program.
Vintage Hills is situated in Indianola – just half an hour outside Des Moines – and boasts 62 units while Country Meadow Place offers an additional 56 units in Mason City.
