Dallas seniors housing community refinanced for $37.5M
JLL Capital Markets arranged the loan for Hidden Springs of McKinney
DALLAS, January 5, 2021 – JLL Capital Markets announced today that it has arranged a $37.5 million refinancing for Hidden Springs of McKinney, a 194-unit independent living, assisted living and memory care community in McKinney, Texas, a growing submarket in the Dallas-Fort Worth area.
JLL worked on behalf of the borrower, a joint venture between CREC Real Estate and Madison Marquette, to secure the non-recourse, fixed-rate loan through a life insurance company. The loan term was five years, inclusive of extension options.
Completed in 2020, Hidden Springs of McKinney was built to a high finish with large units and an array of luxury amenities, including an indoor pool, fitness center, open-air balconies, a dog park, an outdoor covered patio, covered parking and more.
Located at 6421 McKinney Ranch Pkwy., Hidden Springs of McKinney is near the Sam Rayburn Tollway (SH-121) and U.S. 75. The community is approximately 30 miles northwest of Dallas Central Business District and 15 miles west of Frisco.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Joel Mendes and Associate Jason Skalko.
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 investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CREC Real Estate
Founded in 2001, CREC has grown to be an institutional-caliber private equity real estate investment management firm with over $1 billion of real estate assets under management. CREC focuses on value-add multifamily and seniors housing acquisitions and select ground-up development in supply constrained markets nationwide. CREC is committed to long-term growth through broad market research, asset selection, investment sourcing and active management, which enables their investment strategy to continually deliver high quality, low volatility returns across various market conditions and cycles.
About Madison Marquette
Headquartered in Washington D.C., Madison Marquette has 600 employees across 13 offices spanning Honolulu to Boston. Primary busines lines include Investment Management, Marketing, Lease & Sales, Property & Asset Management, Construction & Project Management and Development. They provide services to a diverse portfolio of 330 assets across 24 states with an Investment Management portfolio valued at over $6 billion. Their industry-leading performance is across a variety of property types, including seniors housing, office, retail, mixed-use, medical, industrial, multifamily and land.