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News release

FARGO, ND

JLL secures $7.6 Million in HUD Financing for Assisted Living/Memory Care Facility in Moorhead, MN


FARGO, ND, Jan. 14, 2016 – On behalf of CSLM, LLC, JLL Capital Markets today announced the firm has originated $7.6 million for the refinancing of River Pointe of Moorhead, a 74-unit assisted living and memory care facility located in Moorhead, Minnesota. The 35-year, fully-amortizing, fixed-rate loan was provided via FHA’s Section 232/223(f) program. In addition, the loan includes $100,000 to fund future owner-elected capital improvements to the property.
 
Vice President Jeff Lepley led the JLL team on the transaction.
 
"The HUD loan for this well-performing property will generate significant annual debt service savings to the owners," said Lepley.  "We were able to secure a commitment for this loan in just 21 days after HUD began its review of the application, which stands as a testament to the proficiency of the ownership as well as the strong fundamentals of the property itself."​ 


"JLL's team of professionals expertly navigated the HUD process on our behalf," said Spencer Schram, Manager of CSLM, LLC. "This long-term loan refinanced our maturing debt and funded property improvements, adding value to both our investment as well as to the lives of our residents." 


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 a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.