JLL Capital Markets announced today that it closed the sale of The Preserve at Clearwater, an assisted living and memory care property located in Clearwater, Florida. 

JLL represented the seller, a joint venture between Solera Senior Living and Elkco Properties, to complete the sale to an experienced institutional investor. The buyer plans to retain Solera as property manager post-closing. 

The Preserve at Clearwater is a 2012-vintage, 82-unit property that sits on a scenic 11.4-acre parcel of land. The building is LEED Silver-Certified and is highly amenitized, including a private dining lounge, bistro lounge, beauty and barber shop, library, business center, auditorium, arts and cooking studio and fitness and rehabilitation centers. Outdoor amenities include a pond viewing area with a fire pit, walking paths and a heated swimming pool with additional therapeutic whirlpool features. 

The memory care and assisted living community features include three chef-prepared meals a day, concierge services, housekeeping, laundry service, scheduled transportation and 24-hour assistance from staff. 

“Our team members at The Preserve have worked hard to provide a top-tier community and experience for the residents of Clearwater and the surrounding markets,” said Stephen F. Elken, President of Elkco Properties.

Adam Kaplan, CEO of Solera, stated, “Solera is excited to continue operating the building. We also appreciate our relationship with JLL. They ran an excellent process, helped us select a quality buyer at great terms, and ushered the deal towards closing.”

The JLL Capital Markets team representing the seller was led by Senior Director Joel Mendes and Managing Directors Mike Garbers and Cody Tremper. 

“The Preserve at Clearwater has performed admirably over the last 18 months, which is a testament to the strength of Solera and Elkco, as well as the onsite staff,” said Mendes. “It’s a pleasure to close this transaction with Solera and Elkco, and we feel confident the property remains in good hands.” 

According to JLL’s latest Seniors Housing & Care Investor Survey and Trends Outlook, investors and operators are increasingly bullish as they collectively prepare for the influx in demand driven by population growth in the older demographic.

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 deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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CHICAGO – JLL Capital Markets announced today that it has arranged construction debt and joint venture equity for the development of Trulee Evanston, a 163-unit luxury seniors housing property in Evanston, Illinois.  

JLL worked on behalf of the project sponsor, a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living, to arrange the debt, which was provided by a national bank, and the equity, which was provided by an institutional private equity fund manager. Both capital sources have significant seniors housing experience. Total project costs are approximately $75 million and construction will commence immediately.

Trulee Evanston will be constructed on an irreplaceable 0.77-acre infill site along Ridge Avenue just north of downtown Evanston. The nine-story project will feature a blend of private independent living, assisted living and memory care units that will offer residents a modern design with condominium-level finishes throughout. Due for completion in 2021, Trulee will feature numerous top-tier amenities and services, including multiple terraces and opportunities for fresh air and recreation, as well as views of downtown Evanston and Lake Michigan.

The JLL Capital Markets debt and equity team representing the developer was led by Senior Director Joel Mendes.

“Trulee Evanston, with its innovative design elements and space planning, will be one of the premier seniors housing communities in the Midwest,” Mendes said. “This extraordinary property will benefit from Condor’s background in delivering creative, luxury projects in Chicago and Solera’s focused, forward-thinking operational platform.”

“We are excited to provide a unique and positive experience for the residents of Evanston and surrounding communities,” Michael McLean, partner with Condor, stated. “The team at JLL was simply exceptional in sourcing the capital to bring our vision to life.”

DALLAS, TX – August 23, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces construction financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver, Colorado.

The HFF team worked on behalf of the developer, a joint venture between affiliates of Banner Senior, LLC, Solera Senior Living and Wheelock Street Capital, to arrange the non-recourse construction loan through a national bank.

Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet.  The community will feature contemporary design, local influences and best-in-class amenities such as outdoor walking paths, a fitness studio and relaxation room, on-site rehabilitation center, gourmet restaurant with mountain views and an exhibition kitchen, piano bar and lounge, outdoor terrace with a glass firepit, beauty salon and spa, multi-functional spaces designed to maximize engagement as well as innovative programs and technologies.  Due for completion in 2019, the property is designed by Rosemann & Associates, a firm experienced with well thought-out and innovative senior living communities.  Solera at Cherry Creek is being constructed on a three-acre site at 2453 S. Wabash Street in the heart of Cherry Creek, which is one of Denver’s most affluent neighborhoods and home to multiple parks, dining, retail and entertainment options, including Cherry Creek North, Cherry Creek Shopping Center and the Cherry Creek Arts District.

The HFF team representing the borrower included senior director David Fasano and directors Sarah Anderson and Brock Yaffe.