News release

$145M in financing secured for seniors housing portfolios in Northeast and Southeast

JLL Capital Markets arranged acquisition and capital improvement financing for 15 properties across 6 states

March 07, 2022

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

NEW YORK, March 7, 2022 – JLL Capital Markets announced today that it has closed $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast.

JLL worked on behalf of the borrowers, Sculptor Real Estate (“Sculptor”) and its operating partners, to secure two separate non-recourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the seller in the marketing and sale of the portfolios.

For the Northeast portfolio, which includes properties in New York, Connecticut and Maryland, Sculptor partnered with Peregrine Senior Living. Sculptor partnered with Vitality Living for the Southeast portfolio, consisting of properties in Florida, Kentucky and Alabama.

“We are excited to work with Peregrine and Vitality in executing our business plan for these properties. We believe that the residents and staff will be pleased with the improvements we will be making to each building,” said Nicole Sermier, Executive Managing Director at Sculptor. “JLL excelled in running a process for these complex financings and secured us attractive deal structures with two great lenders.”

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Joel Mendes, Senior Managing Director Keith Largay and Associate Jason Skalko.

“It was a pleasure to work with Sculptor and their partners on these transactions,” said Mendes. “Given the scale, geographic diversity, varied capex plans and expedited time frame, all parties needed to be efficient and diligent to effectuate closings. The sponsor and lender groups performed admirably, and we look forward to their shared success with these portfolios.”

The JLL Capital Markets Investment Sales and Advisory team who represented the seller was led by Senior Managing Director Ted Flagg and Managing Director Mike Garbers.

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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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Sculptor Real Estate

Sculptor Real Estate— was founded by Steven E. Orbuch in 2003 to make investments in real estate and real estate related assets across North America and Europe. Sculptor Real Estate has invested in over $17.6 billion of real estate assets across 26 different real estate related asset classes, including direct equity investments, preferred equity structures, senior loans, mezzanine loans, ground leases and other credit investments.

For more information, visit www.sculptor.com.

About Peregrine Senior Living

Peregrine has over 20 years in designing and building senior living projects and is one of the largest senior living operators based in New York State. Peregrine Senior Living’s mission is to provide the highest quality living environment to seniors in the most cost-effective manner, achieved through direct management and ownership of communities, management contracts with owners and consulting engagements.

About Vitality Living

Established in 2016, Vitality Living (“Vitality”) is a Brentwood, Tennessee-based owner, operator and developer of seniors housing with over 35 communities open and under development across 10 southern states. Vitality’s mission is to create vibrant communities where residents, families and team members can be themselves, live purposefully and experience a profound sense of belonging. Vitality’s vision is to create vibrant communities where residents thrive, family members engage and team members are proud to work.