JLL secures $47.5M loan for 80th Street Residence on the Upper East Side
Firm represents Coast to Coast Assisted Living Realty in refinancing of New York’s only dedicated assisted living facility specializing in enhanced memory care
NEW YORK, December 11, 2019 — JLL Capital Markets experts have successfully arranged a $47.5 million loan to refinance The 80th Street Residence, an assisted living facility specializing in enhanced memory care that is located at 430 East 80th Street. The group worked on behalf of owners Wayne Kaplan and Larry Morehead to place the loan with Israel Discount Bank of New York.
The 80th Street Residence, which contains 61 units and 70 beds, is New York’s premier licensed assisted living residence specializing in enhanced memory care. It is located in the exclusive Yorkville neighborhood on the Upper East Side and is one block from the East River. Yorkville is among Manhattan’s wealthiest communities and is predominantly residential and offers easy access to a variety of restaurants, shopping options and outdoor spaces.
The facility is located less than a mile from Central Park and is proximate to multiple public transportation options, including the 4, 6, N and Q subway lines and multiple bus routes, as well as cultural institutions such as the Metropolitan Museum of Art and the New York Society Library.
The JLL Capital Markets professionals handling the refinancing included Peter Rotchford, Senior Director; Zach Rigby and Jason Skalko, Directors; and Dillon Donald, Analyst.
“By 2020, nearly 14 million Americans are projected to be living with Alzheimer’s, and the 80th Street Residences is the only New York City based assisted living facility specializing in enhanced memory care,” Rotchford said. “The facility is situated in an exceptionally supply-constrained, high-barrier-to-entry market in America’s most densely populated city. It offers tremendous in-place rents with strong historical occupancy.”
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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.