CHICAGO, IL – JLL Capital Markets today announced that it has set up $ 31.6 million acquisition and mezzanine financing for Estancia Senior Living, a Class A memory and assisted living community of 103 newly developed units and 114 beds in the Southern California community of Fallbrook.
JLL worked for the borrower, Contour, to secure the three-year, $ 24 million variable rate bank loan. Additionally, JLL worked to secure a four-year, $ 7.6 million fixed rate mezzanine loan.
Estancia Senior Living is a brand new retirement home, which debuted in the summer of 2021. The 104-unit, two-storey Class A facility measures 88,892 square feet and includes 79 assisted living units and 25 bathrooms. memory care on a 3.4 acre lot. to place. The sale also included approximately 5 acres of additional vacant land, located directly adjacent to the property.
Estancia Senior Living is operated by Meridian Senior Living, a leading nationwide operator in the space, who has been involved in the planning and design of the project from the start. Facilities include restaurant-style meals, two landscaped courtyards, fitness classes, physiotherapy center, daily wellness and social activities, beauty salon, spa and hot tub, cinema room , transportation services, laundry facilities and more.
Located at 1735 South Mission Rd., Estancia Senior Living provides residents with excellent access to a variety of amenities and activities such as The Golf Club of California private-public golf course, Pala Casino & Spa and Welk Resorts San Diego and nature trails. Plus, residents have convenient access to Interstate 15 and CA-76, providing access to San Diego and surrounding affluent suburbs such as Oceanside, Carlsbad, and Encinitas. Temecula Valley Hospital is located less than 7 miles from the property.
Although the greater region has seen significant commercial activity in recent years, the development of the senior housing product has lagged behind with only two new projects delivered in the past 17 years. Seniors continue to choose to reside in suburban neighborhoods because of their relative worth comparison and their desire to stay in their neighborhood communities. Within the two MSAs, the project will attract residents of the over-75 population of 545,668, with a projected growth of 3.99 percent with an underlying affluent population.
The debt and capital markets equity advisory team representing the borrower included Director Alanna Ellis and Senior Director Jeff Sause.