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JLL Secures Acquisition Financing for Iowa Senior Housing
JLL arranged the 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 outperformed our expectations in helping to navigate the acquisition financing in a difficult environment,” said Kevin Russell, Chairman of Jaybird Senior Living.
The JLL Capital Markets Debt Advisory team was led by Managing Director Jeff Lepley and Associate Alex Sheaffer. JLL represented the borrower and secured two loans totaling $17,869,500 or $151,436 per unit, representing greater than 80 percent 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. Country Meadow Place is a 56-unit facility located in Mason City, Iowa.
