Northeast Georgia seniors housing community refinanced for $18.5M
JLL Capital Markets arranged the loan for Manor Lake Gainesville
ATLANTA, December 2, 2021 – JLL Capital Markets announced today that it has arranged a $18.5 million refinancing for Manor Lake Gainesville, a 88-unit, recently constructed, assisted living and memory care seniors housing community in Gainesville, Georgia.
JLL worked on behalf of the borrower, Manor Lake Development LLC, to secure the non-recourse, floating-rate loan through a debt fund. JLL ran a targeted process, and the loan closed in 39 days from lender engagement.
Manor Lake Gainesville was completed in 2019 and leased up quickly, a testament to the strength of the development and of Manor Lake as a sponsor.
The property offers studio, one-bedroom and companion suites ranging from 421 to 558 square feet. Units include keyless entry, staff call systems in bathrooms, personal pendent for assistance, therapeutic bath, cable and internet service, walk-in showers and individually controlled heat and air. The single-story community features centrally located common areas, dining room with a fireplace, central courtyard with gardens, salon, rehabilitation services, staff call system, wellness program, instructor led daily exercise, concierge services, laundry services, planned activities and more.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Joel Mendes and Managing Director Trent Niederberger.
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 Manor Lake Development LLC
Manor Lake Development is a real estate company that focuses on projects in the senior living, student housing, and multi-family industries. The company and its principals have a long and successful track record in real estate development. Manor Lake currently owns seven seniors housing properties, with another three under development, all in Georgia.