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JLL Completes Recapitalization of $725M Senior Housing Portfolio
JLL has arranged the recapitalization of a $725 million, 20-asset seniors housing portfolio spanning the Sunbelt, Northeast and Midwest markets.
Working on behalf of Chicago Pacific Founders and Grace Management, Inc., JLL facilitated the sale of the portfolio to Ventas in an all-cash transaction. The properties were previously owned in CPF Living Fund I. Grace Management will continue to manage all 20 communities. The properties are located in Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas.
JLL’s Seniors Housing Capital Markets team representing the seller was led by Senior Managing Directors Jay Wagner and Rick Swartz, Director Jim Dooley and Analyst Sean Kirk. Representing the seller from JLL’s M&A team, Jones Lang LaSalle Securities, LLC, was Senior Managing Director Ted Flagg. “As one of the largest seniors housing transactions closed year-to-date, it is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” said Wagner.
