JLL Capital Markets announced it arranged financing for the Lodge at Piner Road, a 92-unit seniors housing development located in Santa Rosa, California, part of Sonoma County.
JLL represented the borrower, Blue Mountain Enterprises and Calson Management, to secure the 75 percent LTC loan through a private lender.
The to-be-built, Class A property will total 37,762 square feet and consists of 66 assisted living units, which will include studios, one- and two-bedroom units, and 26 private memory care units. The memory care units will contain separate dining and gathering areas, with a large, landscaped courtyard being the connector, located in the center of the building. Proposed amenities to the property include activity areas, rooftop garden, café, movie theater, library and wellness center.
Positioned on two acres at 1980 Piner Rd., the transit-orientated development is across the street from a local bus stop, providing direct access to Downtown Santa Rosa. Additionally, it’s proximate to the Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco; and Highways 101 and 37, and Interstate 580 and 80.
Residents can also benefit from nearby amenities, including several grocers, a vast selection of retail and dining options, and many local parks and medical facilities within just a couple of miles of the property. Additionally, Sonoma County is home to its renowned wine country and touted for its agricultural roots.
Although having exceptional demographics for seniors housing, there is an extremely limited submarket supply, with only 86 seniors housing units delivered since 2015. That said, over 15 percent of the population is age 65+, with the 75+ community expecting to grow over 6 percent over the next five years; outpacing the rate of the greater MSA and national growth rate.
The JLL Capital Markets team representing the borrower was led by Director Bercut Smith.
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 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.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.