JLL Capital Markets, working through its lending arm JLL Real Estate Capital, LLC, has closed a HUD 232/223(f) insured mortgage loan for Spring Village at Dover, a dedicated memory care community in Dover, NH. The financing totals $20.3 million and is secured by the 50-unit, 56-bed property, which focuses on residents requiring specialized dementia care.
The HUD-insured loan is structured under the 232/223(f) program, a federal mortgage insurance platform tailored to senior housing and healthcare properties. According to JLL, the new financing is intended to support the property’s private equity ownership in continuing its focus on memory care services, providing capital stability at the asset level. Woodbine Senior Living, described as a Northeastern regional operator, will continue to manage the community under the new loan structure.
Spring Village at Dover is described as a purpose-built memory care property, designed specifically for residents with Alzheimer’s disease and other forms of dementia. The community’s layout and operating focus are positioned entirely around memory care, distinguishing it from broader assisted living or independent living facilities. The transaction reinforces the use of HUD’s 232/223(f) program as a vehicle for permanent, long-term financing in the specialized seniors housing segment.
JLL’s Seniors Housing Capital Markets team led the transaction. The team included senior managing directors Jay Wagner, Rick Swartz and Aaron Rosenzweig, along with senior director Sam Dylag. Their group focuses on seniors housing capital markets activity, and in this case guided the execution of the HUD-insured mortgage loan for the Dover community.
Commenting on the transaction, Wagner noted that the HUD 232/223(f) program functions as a strong financing option for memory care operators seeking long-term capital stability. He indicated that the Spring Village at Dover financing illustrates how purpose-built memory care communities can access competitive, sustainable financing through the HUD program while supporting their mission of providing high-quality care to residents.
The closing of this HUD-insured loan highlights continued lender and program support for healthcare-focused real estate, specifically in the memory care segment. By aligning a specialized dementia care community with a long-term, insured mortgage, the transaction underscores the role of government-backed financing in supporting seniors housing operators and their private equity ownership groups as they maintain and operate purpose-built facilities.
