Two seniors housing communities near Cleveland secure $73.6M refinancing
JLL Capital Markets arranged financing for the newly built communities totaling 328 units in North Olmsted and North Royalton, OH
CLEVELAND, OHIO, July 14, 2022 – JLL Capital Markets announced today that it has arranged a $73.6 million refinancing for two newly built, luxury seniors housing communities totaling 328 units in North Olmsted and North Royalton, Ohio. Both properties offer independent living, assisted living and memory care units.
JLL worked on behalf of the borrower, Omni Smart Living, to secure the three-year, floating-rate loan through a national debt fund.
“JLL did a fantastic job driving the process and are true experts at their craft,” said Mario Sinicariello, President of Omni Smart Living. “We value the relationship with both JLL and our new lending partners and look forward to continuing to serve the older adult populations in Northeast Ohio.”
The properties include Vitalia North Olmsted, totaling 160 units, and Vitalia North Royalton, which offers 168 units. Both properties offer similar amenity packages, including gourmet restaurant style meals, fitness center with indoor pool, Vitalia Scholars program, 24-hour emergency call service, housekeeping service and on-site maintenance. In addition, the communities host group activities and entertainment, as well as community outings. The units include full kitchen appliance packages, private patio/balcony, in-unit washer and dryer and emergency call systems.
Vitalia North Olmsted is located at 29843 Lorain Rd., approximately 15 miles from downtown Cleveland, and Vitalia North Royalton is positioned 10 miles from downtown Cleveland at 8199 York Rd. Both properties are near a variety of dining, shopping and entertainment options and convenient access to major highways. In addition, Vitalita North Olmsted is two miles from University Hospital Saint John Medical Center and Vitalia North Royalton is two miles from University Hospital Pharma Medical Center.
The JLL Capital Markets team representing the borrower was led by Managing Director Joel Mendes and Associate Billy Lichtenstein.
“Omni identified two quality markets and delivered two impressive communities, which is evident in the outperformance of both properties,” said Mendes. “It was a pleasure working with them, as well as the lender, who closed the deal smoothly as proposed.”
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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 Omni Smart Living
The Omni Smart Living leadership team is devoted to developing premium senior living communities with first-class amenities. They have over 30 years of experience in real estate development and investment as well as 20+ years of delivering high quality senior living operations. What sets them apart from their competitors is the diversification of their knowledge base and expertise that includes private equity, site development, construction, demographic analyses, working with municipalities and operations that are sensitive to the needs of their residents. Consequently, Omni is able to control all aspects of an entire project, from breaking ground to full-service implementation. This powerful combination ensures efficiency, lower risk and higher rates of return to their investors. The Omni leadership team takes pride in developing senior living communities that are distinctive, dignified and desirable to all their residents and welcomed by the larger community.