Company sees booming demand for senior assisted living facilities in the area
JLL Capital Markets has secured a $37.8 million loan for a senior housing community in the Orlando suburb of ChampionsGate, Fla.
The real estate financing firm worked on behalf of the borrower, Fortress Investment Group, to close the four-year, floating-rate non-recourse loan through MidCap Financial Services.
The property is a luxury 223-unit senior living community that consists of one- and two-bedroom units ranging from 627 to 1,060 square feet. It also offers several amenities, including outdoor courtyards and patios, a swimming pool, movie theatre, activity room, fitness center, salon, bar and bistro and casual, main and private dining rooms.
Read more: Report: senior housing one of the most sought-after investment opportunities
According to JLL, the communities benefit from the rapid population growth in the Orlando MSA, with a 5-6% annual growth rate projected through 2027 for all cohorts and a 12.5% annual growth for the 75+ population. The area has also seen an influx of businesses and residents leaving expensive cities for Florida's low cost of living and taxes. The growing population and increase in the number of wealthy adult children migrating to Orlando have driven the demand for independent and assisted living for seniors.
"We appreciated the opportunity to work with Fortress on this important financing. JLL greatly values our firm-wide relationships with Fortress and continued partnership in the growth of their seniors portfolio," said Alanna Ellis, director at JLL Capital Markets. "We look forward to this community's success as a great addition to Fortress's portfolio."
