Luxury seniors housing community planned for Chicago’s North Shore
JLL arranges debt and equity financing for the Evanston project
CHICAGO, March 11, 2020 – JLL Capital Markets announced today that it has arranged construction debt and joint venture equity for the development of Trulee Evanston, a 163-unit luxury seniors housing property in Evanston, Illinois.
JLL worked on behalf of the project sponsor, a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living, to arrange the debt, which was provided by a national bank, and the equity, which was provided by an institutional private equity fund manager. Both capital sources have significant seniors housing experience. Total project costs are approximately $75 million and construction will commence immediately.
Trulee Evanston will be constructed on an irreplaceable 0.77-acre infill site along Ridge Avenue just north of downtown Evanston. The nine-story project will feature a blend of private independent living, assisted living and memory care units that will offer residents a modern design with condominium-level finishes throughout. Due for completion in 2021, Trulee will feature numerous top-tier amenities and services, including multiple terraces and opportunities for fresh air and recreation, as well as views of downtown Evanston and Lake Michigan.
The JLL Capital Markets debt and equity team representing the developer was led by Senior Director Joel Mendes.
“Trulee Evanston, with its innovative design elements and space planning, will be one of the premier seniors housing communities in the Midwest,” Mendes said. “This extraordinary property will benefit from Condor’s background in delivering creative, luxury projects in Chicago and Solera’s focused, forward-thinking operational platform.”
“We are excited to provide a unique and positive experience for the residents of Evanston and surrounding communities,” Michael McLean, partner with Condor, stated. “The team at JLL was simply exceptional in sourcing the capital to bring our vision to life.”
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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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 Condor Partners
Condor Partners is a national real estate development and investment firm located in Chicago, Illinois. The firm’s goal is to create a new form of urbanism and community through the built environment. Condor’s principals have completed over 20 ground-up developments comprising over five million square feet across multiple property types, including office, retail, residential and hospitality.
About Solera Senior Living
Solera Senior Living is a Denver-based developer and operator of senior living communities. Solera Senior Living has a singular focus: to develop, own and operate communities that will inspire a better quality of life for seniors. The company is led by industry veterans and has ten seniors housing properties either operating or in various stages of development.