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News release

Ann Arbor, MI

Jones Lang LaSalle Seeks $90+ Million Capital Raise to Launch Ann Arbor Senior Resort Community

Christopher Place Senior Communities, LLC to partner on continuum of care project called Verdura; Development to be valued $95+ million upon completion


ANN ARBOR, MI, APRIL 19, 2010 — The opportunity to partner and develop one of the nation’s premier retirement communities is now at hand in Ann Arbor, Michigan—a city considered one of the “best affordable places to retire” by U.S. News and World Report in 2009.  On behalf of Christopher Place Senior Communities, LLC, Jones Lang LaSalle’s Seniors Housing practice is seeking $90+ million in an appropriate combination of equity and debt for a senior resort community called Verdura, a continuum of care development that will offer assisted living, independent lifestyle and memory care.  The development is expected to be valued at $95+ million upon completion.

The 294,439-square-foot resort is a preliminarily approved community that will offer 218 apartments and suites as well as nine detached Villas on 31 acres of land.  It also includes 51,919 square feet of recreational and community areas, and 53,982 square feet of underground parking.

Leading the Jones Lang LaSalle team on this assignment are Managing Directors Michael Berne and Richard Donohue.

“This project represents an incredible opportunity for potential investors to be in on the ground floor of one of the nation’s premier retirement communities,” said Berne.  “Lower construction costs and borrowing costs make this a perfect time to begin developing new facilities and potential investors will rarely find a more experienced partner than Christopher Place.”

Added Susan Hershberger, President of Christopher Place Senior Communities, LLC, “As our firm was founded in Ann Arbor, we feel a special affinity for this region.  We are dedicated to building a community that will attract and retain the area’s preeminent seniors and feel certain that this project will be considered a true jewel in the crown of Ann Arbor.”

Verdura is a rental-only community with no entrance fee that will offer residents a choice of four distinct lifestyle options.  The Brioso, which offers Independent Living or Light Care, has 108 apartments in a variety of floor plans, including one bedrooms, one bedrooms with den, two bedrooms, and two bedrooms with den—all ranging from 779-1,515 square feet.  The Allegro, which offers Assisted Living or Medium Care, has 80 apartments in a variety of floor plans, including one bedrooms, one bedrooms with den and two bedrooms—all ranging from 734-1,063 square feet.  The Adagio is Verdura’s Memory Care Community.  It offers its own entrance and reception lobby, as well as 30 private bedroom suits and its own landscaped garden roof terrace.  The Villas are nine spacious detached homes that range from 1,500-2,400 square feet, including one-, two-, and three-bedroom (or den) villas.  All residents of the Verdura community will have access to beautiful commons and open spaces, an elegant dining room, an inviting pub, an invigorating fitness center, a rejuvenating spa and salon, 36-seat arts and entertainment theatre, and a grand ballroom. 

Verdura is located in Ann Arbor Township near St. Joseph Mercy Hospital and Heartland HC Manor Care, which offers rehabilitation services. The University of Michigan Health System and VA Hospital are also nearby as are many other healthcare offices.  The community is on the eastern side of Ann Arbor and is within five miles of the downtown area and the University of Michigan.  The site is conveniently located just off US-23, which provides easy access to I-94. 

For more information about the Verdura community, please visit www.Verdurallc.com.

About Christopher Place Senior Communities, LLC

Founded in 1990 by Charles E. Maulbetsch in Ann Arbor, Michigan, Christopher Place Senior Communities and its affiliates have been providing a variety of quality senior housing options for nearly 20 years. Throughout this time, senior housing investments offered by Christopher Place have proven to be solid opportunities for consistent returns.
Christopher Place has gained a reputation for providing excellent property management, bringing quality care and services to residents of our communities in 7 states and supporting many jobs in our local communities.

About Jones Lang LaSalle Capital Markets

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.