Seniors housing community near Phoenix secures $10.572M refinancing
JLL Capital Markets arranged financing for the newly constructed Countryside Living in Queen Creek, Arizona
PHOENIX, July 26, 2022 – JLL Capital Markets announced today that it has arranged a $10.572 million refinancing for Countryside Living, a 40-unit, 42-bed, newly built assisted living and memory care community in Queen Creek, Arizona.
JLL worked on behalf of the borrower, a venture between American Care Concepts and private investors, to originate the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Completed in 2020, Countryside Living features a wide variety of on-site amenities, including an outdoor courtyard, comfortable living areas, indoor and outdoor fireplaces, dining areas, walking paths, aquariums, salons, an open kitchen and pristine outdoor views. Additionally, the community offers resident-focused activity schedules, enriching therapies, cognition and physical fitness programs, group outings and equine therapy facilities. The property’s one- and two-bedroom units range from 344 to 515 square feet.
Situated on 2.48 acres at 22773 E Ocotillo Rd. in a growing suburb southeast of Phoenix, Countryside Living offers convenient access to the cities’ amenities as well as a rural atmosphere. Additionally, the property is just a few miles from Banner Ironwood Medical Center, The Links Queen Creek Golf Course and Ocotillo Trails Marketplace.
The 75+ population within a five-mile radius of the community is expected to increase 4.34% per year through 2026, outpacing the national 75+ growth rate by 20 bps. In addition, median household incomes within the same radius are significantly greater than the national levels for each cohort, and the median housing value within a one-mile radius is over 38% greater than the national median. Country Living benefits from these demographics as the only senior living facility in Queen Creek with their nearest competitor roughly 10 miles away.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Brad Miner, Director Alanna Ellis, Vice President Martin Mbeteni and Analyst Zach Brantley.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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.
About American Care Concepts
American Care Concepts is a family-owned and operated business that like so many others, started small and has grown from the beginning. Their first senior living project was a 15 unit building in Apache Junction, Arizona and our latest development will consist of 144 apartments and suites. Over time, they have evolved and adapted their projects to different local markets – each with unique needs and requirements. They take great pride in the fact that they know and understand the intricacies of each community that they develop and operate because they personally are there – on-site, each day. At American Care Concepts, they are committed to creating communities that provide an unparalleled level of care and service to their residents, an outstanding place to build a career for their team members and make the neighborhoods where they call home better.