JLL arranges sale, financing for Houston seniors housing property
Loan proceeds funded the new owner’s acquisition and rehabilitation of the Spring Branch independent living community
HOUSTON, March 16, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged financing for The Gardens at Spring Shadows, a 384-unit independent living community in Houston’s Spring Branch submarket.
JLL served as the seller’s listing agent. Additionally, JLL’s debt placement team worked on the new owner’s behalf to arrange a three-year, floating-rate loan with two one-year extension options through Ready Capital. In addition to funding the acquisition, the balance of the loan will be used for the rehabilitation of the property.
The Gardens at Spring Shadows sits on 11.4 acres at 10100 Kempwood Drive to the east of Beltway 8 and accessible to U.S. Highway 290 and Interstate 10 in Northwest Houston. The property has an abundant amenity package, including social areas, dining room, kitchen, library, salon, putting green, dog park and two swimming pools. As part of their rent, residents also have access to a comprehensive list of concierge services such as transportation, community activities, social events, fitness classes, housekeeping services and wellness checks. Units average 740 square feet and feature open floor plans with available upgraded features, including plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers.
The JLL Capital Markets investment advisory team representing the seller was led by Senior Directors Chris Young and Joey Rippel and Analyst Bailey Crowell.
JLL’s Capital Markets debt placement team representing the new owner was led by Senior Managing Director Mark Brandenburg and Associate Chad Russell.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ready Capital
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. The company’s National Bridge Originations team offers non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 to $45 million and larger for select assets and portfolios.