08/27/2024 | Press release | Distributed by Public on 08/27/2024 07:12
DUBLIN, O.H., Aug. 27, 2024 - JLL Capital Markets announced today that it has secured a $115 million bridge financing for Town Village Portfolio, a primarily independent living portfolio which consists of four assets, totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan.
JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, non-recourse loan through Ally Bank.
The properties were built between 2000 and 2002 and have all undergone renovations by the sponsor. Unit amenities include full utilities, private bathrooms, walk-in showers, attached patios, vinyl and carpeted flooring and built-in emergency call systems. Common area amenities consist of restaurant style dining rooms, libraries, game rooms, fitness centers and more.
"We are thrilled to have secured the bridge financing for the Town Village Portfolio," said Wagner. "The four assets within the portfolio are strategically located in high-demand areas, benefitting from excellent demographics and offer residents top-notch amenities with exceptional living experiences."
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jay Wagner and Rick Swartz, Managing Director Joel Mendes, Senior Director Dan Kearns and Directors Jim Dooley and Robert Tonnessen.
"The sponsor has done a terrific job renovating and operating these properties, and we appreciated the opportunity to work with them," commented Mendes. "The financing markets responded favorably to the strength of the ownership and asset-level performance. The loan closed as proposed and on schedule."
"JLL delivered on the terms and structure that we were seeking for this portfolio," said Jay Flatt, Chief Financial Officer of Chicago Pacific Founders. "We enjoyed working with the full team at JLL and look forward to the continued success of these properties."
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.
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