Acquisition financing secured for two assisted living and memory care communities in Iowa
JLL Capital Markets worked on behalf of Jaybird Senior Living
MINNEAPOLIS, Feb. 22, 2024 – JLL Capital Markets is pleased to announce the successful arrangement of acquisition financing for two assisted living and memory care communities in Iowa on behalf of affiliates of Jaybird Senior Living (“Jaybird”). 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 represented the borrower in this transaction and secured two loans totalling $17,869,500 or $151,436/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. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and a community parlor with a fireplace, while the apartments feature private bathrooms, 24-hour emergency maintenance, a pet-friendly policy and available kitchenettes.
Country Meadow Place is a 56-unit facility located in Mason City, Iowa. The building offers amenities such as a movie theater, beauty salon, spa, stunningly landscaped courtyard, a community parlor with a fireplace and access to walking trails.
“We are excited to add two high-quality assets to the Jaybird owned portfolio. JLL outperformed our expectations in helping to navigate the acquisition financing in a difficult environment,” said Kevin M. 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 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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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.