Seniors housing community near Orlando refinanced for $57.5M
JLL Capital Markets arranged the loan for the age restricted Windsor at Celebration
ORLANDO, December 2, 2021 – JLL Capital Markets announced today that it has arranged a $57.5 million refinancing for Windsor at Celebration, a 239-unit, luxury seniors housing community near Orlando in Celebration, Florida.
“Celebration has proven to be an outstanding community for people of all ages,” said Charles Ochman, Managing Director of Square Mile Capital Management. “We’re pleased to continue our successful collaboration with Big Rock Partners, serving the needs of seniors here. And we greatly appreciated the work of JLL in getting this refinancing completed.”
Built in 2018, Windsor at Celebration consists of 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. Unit features include keyless entry, open concept kitchens with stainless steel appliances, paid utilities and weekly housekeeping. The community provides on-site fitness and health studios; dining venues, including a rooftop bar and lounge; art theater and 24/7 reception staff.
“We appreciated the opportunity to work with Square Mile and Big Rock Partners on this important financing,” Mendes said. “Given the strengths of the sponsor, project and market, the transaction process was competitive, with the winning lender being selected based on a combination of proceeds, rate, covenant structure and certainty of execution. We look forward to the property’s continued success.”
“Arranging financing for sophisticated, institutional borrowers is always an honor for us,” Drew added. “JLL greatly values our firm-wide relationships with Square Mile and Big Rock.”
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 Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital's experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital seeks to identify the impact of long-term trends on real estate values and targets its equity investments on key investment strategies likely to benefit from such trends. The firm's commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. For more information, visit squaremilecapital.com.
About Big Rock Partners
Big Rock Partners is a national leader in developing and managing Class A senior housing rental communities. The firm’s portfolio consists of more than $200 million in premier, institutional-quality assets. Big Rock Partners Senior Managing Principal Richard Ackerman leads the development and management team. Over his 30-year career, Mr. Ackerman has acquired, developed, financed and operated commercial real estate and seniors housing assets valued in excess of $3 billion, totaling approximately 15 million square feet.