Jones Lang LaSalle Inc.
08/15/2024 | Press release | Distributed by Public on 08/15/2024 10:15
$52M refinancing secured for California seniors housing community
SAN DIEGO, Aug. 15, 2024 - JLL Capital Markets announced today that it arranged a $52 million refinancing for Atria Newport Beach, a 168-unit senior living community located in the Newport Beach enclave of Orange County, California.
JLL represented the borrower, a partnership between a national REIT and Atria Senior Living. MidCap Financial, a leading commercial finance company focused on middle market transactions, provided the floating-rate first mortgage loan.
Atria Newport Beach is located at 393 Hospital Rd. in a prime location with high visibility off of Newport Boulevard and in close proximity to Hoag Hospital. The Newport Beach area is one of the most affluent communities in Southern California and provides the property with exceptional surrounding demographics.
The Class A property was built in two phases with the North Building fully renovated in 2023, while the South Building was purpose-built and opened in 2021. The three-story buildings are home to independent living, assisted living, and memory care units offered in studio, one- and two-bedroom layouts. Community amenities include 24-hour support staff, all-day dining, valet and concierge services, fitness classes, car service, housekeeping, salon and spa, yoga studio, theatre, library, game room and an underground parking garage.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aaron Rosenzweig and Director Dan Baker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
Atria Senior Living is a leading operator of independent living, assisted living, supportive living and memory care communities in more than 200 locations in 28 states and seven Canadian provinces. Atria is the residence of choice for more than 20,000 older adults, and the workplace of choice for more than 12,000 employees. Atria creates vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a positive difference in our world. Glennis Solutions, a subsidiary of Atria Senior Living, is the only fully integrated, cloud-based software suite specifically designed to serve the senior housing industry. For more information about Atria, visit AtriaSeniorLiving.com or follow them on Facebook or Twitter.
MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of March 31, 2024, MidCap Financial provides administrative or other services for approximately $50 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $671 billion as of March 31, 2024, in credit, private equity and real assets funds.
For more information about MidCap Financial, please visit www.midcapfinancial.com.
For more information about Apollo, please visit www.apollo.com.
*Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV