JLL Capital Markets provided acquisition financing for two assisted-living and memory-care communities in Iowa on behalf of affiliates of Jaybird Senior Living.
The facilities, Vintage Hills of Indianola and Country Meadow Place, total 118 units combined. Both communities were managed by Jaybird prior to the acquisition.
JLL represented the borrower in this transaction and secured two loans totaling $17,869,500 or $151,436/unit, representing greater than 80% of the total purchase price. One loan was facilitated through a regional bank, while the other utilized the HUD/FHA 232/223(f) program.
Vintage Hills of Indianola is a 62-unit facility located in Indianola, Iowa, a suburb 30 minutes south of Des Moines. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and a community parlor with a fireplace, while the apartments feature private bathrooms, 24-hour emergency maintenance, a pet-friendly policy and available kitchenettes.
Country Meadow Place is a 56-unit facility located in Mason City, Iowa. The building offers amenities such as a movie theater, beauty salon, spa, stunningly landscaped courtyard, a community parlor with a fireplace and access to walking trails.
“We are excited to add two high-quality assets to the Jaybird owned portfolio. JLL outperformed our expectations in helping to navigate the acquisition financing in a difficult environment,” said Kevin M. Russell, Chairman of Jaybird Senior Living.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jeff Lepley and Associate Alex Sheaffer.
