JLL Capital Markets arranged the financing for The Preserve at Spring Creek, a 230-unit senior living community in Garland, TX
SEATTLE – September 19, 2022 – JLL Capital Markets announced today that it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas, a suburb of Dallas.
JLL worked on behalf of the joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, five-year IO, 75% LTC, floating-rate loan through a regional bank.
The community will be the first of its kind delivered in the sub-market comprised of a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages with 25 acres of private dedicated park space. The Preserve at Spring Creek will feature interconnected walking paths that grant access to a selection of on-site community amenities, including a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers, a mindful studio, numerous dining venues and multiple gathering spaces.
The country-club style facility will be located on 35.5 acres at 2055 Arapaho Road offering direct access to the 23.5-acre Spring Creek Nature Preserve. The property is within five miles of nearly 100 unique healthcare offerings, including Methodist Richardson and Garland Health Center. Furthermore, The Preserve at Spring Creek is roughly four miles from Firewheel Town Center and six miles from downtown Plano, offering a variety of restaurants, preforming galleries, event venues and unique shops. There are also six golf courses in the area and two lakes, Lake Ray Hubbard and Lavon Lake.
Although the submarket surrounding the property site is developing rapidly, the seniors housing competitive supply in the area is notably old, with an average age of over 16 years old. With continued rapid 75+ population growth and no other additions to the market, the unmet private pay needs are projected to increase to as many as 449 independent living units, 384 assisted living beds and 179 memory care beds by 2026. The Preserve at Spring Creek will further benefit from the area’s affluent demographic with the median household income 16% higher than statewide averages.
The JLL Capital Markets team representing the borrower was led by Director Alanna Ellis. Local support was provided by Managing Director Allison Holland.
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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About JLL
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 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JAMP Enterprises LLC
JAMP Enterprises LLC is a real estate development firm with a proven track record of successful developments in multiple states. The company’s development history includes investments in residential lot development, residential home building, single family rental, land banking, land entitlement, manufactured housing and senior housing communities.
About Frontier Management LLC
As the 13th largest senior living operator in the nation, Frontier currently manages 137 properties for over 10,000 units, and has a proven track record of success in the seniors housing space. Founded in 2000, Frontier Management was created to provide outstanding management services to the seniors housing industry.
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