SEATTLE – September 19, 2022 –JLL Capital Markets today announced that it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas. , in the suburbs of Dallas.
JLL worked on behalf of joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, 5-year IO, 75% LTC variable rate loan through a regional bank.
The community will be the first of its kind delivered in the submarket featuring a 120-unit apartment-style complex as well as an additional 110 two-bedroom, two-bathroom self-contained living cottages with 25 acres of dedicated private park space. The Spring Creek Preserve will feature interconnecting walking trails that will provide access to a selection of on-site community amenities, including a clubhouse, theater/chapel, lounge, bistro, arts and crafts room , a billiard room, fitness centers, a mindful studio, numerous restaurants and multiple gathering spaces.
The country club-style facility will be located on 35.5 acres at 2055 Arapaho Road, providing direct access to the 23.5-acre Spring Creek Nature Preserve. The property is within five miles of nearly 100 unique health care offerings, including Methodist Richardson and Garland Health Center. Additionally, The Preserve at Spring Creek is approximately four miles from downtown Firewheel and four miles from downtown Plano, offering a variety of restaurants, preform galleries, event venues, and shopping. unique. There are also six golf courses in the area and two lakes, Lake Ray Hubbard and Lake Lavon.
Although the submarket surrounding the real estate site is growing rapidly, the competitive supply of senior housing in the territory is particularly old, with an average age of over 16 years. With continued rapid population growth of 75+ and no further additions to the market, unmet private compensation needs are expected to increase to 449 Independent Living Units, 384 Assisted Living Beds and 179 Memory Care Beds d ‘by 2026. will further benefit from the region’s affluent demographics with a median household income 16% above state averages.
The JLL Capital Markets team representing the borrower was led by Director Alanna Ellis. Local support was provided by General Manager Allison Holland.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is sales and investment advice, debt advice, equity advice or recapitalisation. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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