Class A Senior Living community near Seattle receives $29.576M refinancing
JLL Capital Markets arranged financing for the 114-unit Mirror Lake Village in Federal Way, WA
SEATTLE, July 25, 2022 – JLL Capital Markets announced today that it has arranged a $29.576 million refinancing for Mirror Lake Village, a 114-unit, 138-bed, Class A independent living, assisted living and memory care community in Federal Way, Washington.
JLL worked on behalf of the borrower, Mirror Lake Village LLC, to secure the financing through a regional bank together with retroactive C-Pace financing.
The community is comprised of 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. Mirror Lake Village offers a wide range of community amenities, including an outdoor courtyard with covered patio, common dining room, commercial kitchen, hair salon, theater, library, an exercise room and more.
Mirror Lake Village is situated on 3.04 acres at 3100 9th Place SW in Federal Way, the 10th largest city in Washington. Located between the Cascades to the east and the Olympic range to the west along the Puget Sound shoreline the area offers ample outdoor amenities, as well as a vibrant city center. The area is also known for its higher education, with 21 colleges and Universities within 20 miles, including University of Puget Sounds, Pacific Lutheran University and University of Washington Tacoma. Federal Highway 99 connects the city with the larger Seattle metropolitan area and extensions to the Link Light Rail are expected to reduce travel times.
The property benefits from strong demographics, within five-mile radius median incomes are 25% greater than the national average and populations range from 25,995 in the 45-64 cohort, 9,559 in the 65-74 cohort and 6,335 for the 75+ cohort. In addition, the 75+ population within a five-mile radius expected to outpace the national growth rate through 2025.
The JLL Capital Markets team representing the borrower was led by Director Alanna Ellis.
“We were very pleased to deliver such a unique execution to our clients whose project was first delayed due to covid and then delivered into a difficult environment,” said Ellis. “The combination of balance sheet financing from a regional bank together with retroactive C-Pace provided for full leverage on the reset budget and blended all in rate of 5.21% including 10 years of interest only and 45% of the financing as fixed rate non-recourse.”
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 sales and 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.