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News release

PHOENIX

Value-Add Opportunity Spurs Lending Activity in Phoenix

JLL secures $13.46 million acquisition bridge financing for Prescott Lakes Senior Community


PHOENIX, October 21, 2016 – Institutional capital remains available as investors in the Southwest find value with senior housing communities. On behalf of Bascom Arizona Ventures, LLC, JLL's Capital Markets experts today announced the firm secured $13.46 million in acquisition bridge financing. The loan will be used for the purchase and rehabilitation of the Prescott Lakes Senior Community, a Class A, age-restricted multifamily asset in the Phoenix suburb of Prescott, Arizona.  A global bank provided the floating rate loan at 65 percent loan-to-cost.

Managing Director Brian Halpern and Associate Alex Kane led the financing efforts.

"The Prescott Lakes Senior Community presented a highly desirable situation for lenders as the stabilized asset is located in an upscale master-planned community and a 'best-in-class' sponsor with Bascom," said Halpern. "This loan will facilitate the continued improvement upon an already high quality asset."

Prescott Lakes Senior Community offers resident ages 55 and over access to the private golf courses at Club at Prescott Lakes, which is located within the master planned community. The Club at Prescott Lakes also includes a 14,000-square-foot community center that features a pool and spa and a media room.

Community amenities include complimentary scheduled transportation, a secure entry system, a library, outdoor barbecues, a game room with billiards and a heated outdoor gazebo. In-unit amenities include stackable washer and dryers in select units, breakfast bars, individually controlled thermostats and patios or balconies.

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 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.