CHICAGO, IL - JLL Capital Markets announced today that it has arranged a $18.5 million refinancing for Manor Lake Gainesville, a 88-unit, recently constructed, assisted living and memory care seniors housing community in Gainesville, Georgia.
JLL worked on behalf of the borrower, Manor Lake Development LLC, to secure the non-recourse, floating-rate loan through a debt fund. JLL ran a targeted process, and the loan closed in 39 days from lender engagement.
Manor Lake Gainesville was completed in 2019 and leased up quickly, a testament to the strength of the development and of Manor Lake as a sponsor.
The property offers studio, one-bedroom and companion suites ranging from 421 to 558 square feet. Units include keyless entry, staff call systems in bathrooms, personal pendent for assistance, therapeutic bath, cable and internet service, walk-in showers and individually controlled heat and air. The single-story community features centrally located common areas, dining room with a fireplace, central courtyard with gardens, salon, rehabilitation services, staff call system, wellness program, instructor led daily exercise, concierge services, laundry services, planned activities and more.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Joel Mendes and Managing Director Trent Niederberger.