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JLL Lines Up Debt and Equity for Evanston Seniors Project
JLL Capital Markets arranged construction debt and joint venture equity for the development of Trulee Evanston, a 163-unit luxury seniors housing property in Evanston, IL. The project is being developed by a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living.
A JLL team led by senior director Joel Mendes worked on the JV’s behalf to arrange the debt, which was provided by a national bank, and the equity, which was provided by an institutional private equity fund manager.
Both capital sources have significant seniors housing experience. Total project costs are approximately $75 million, and construction will commence immediately.
Due for completion in 2021, Trulee Evanston will feature a blend of private independent living, assisted living and memory care units. “This extraordinary property will benefit from Condor’s background in delivering creative, luxury projects in Chicago and Solera’s focused, forward-thinking operational platform,” said Mendes.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
