JLL Capital Markets announced that it has advised CR Properties and Claiborne Senior Living on the sale of The Claiborne at West Lake (Georgia) and secured $9 million of construction financing for The Claiborne at Brickyard Crossing (South Carolina).
The Claiborne at West Lake is a 100-unit assisted living and memory care community located in Augusta, Georgia. The community opened in late 2018 and was approaching 90 percent occupancy at the time of sale. The community was sold to Sabra Health Care REIT. Claiborne Senior Living will continue to manage the community for Sabra.
In a separate transaction that closed in Q4 of 2020, JLL arranged mezzanine financing for the development of The Claiborne at Brickyard Crossing seniors housing community in the Charleston, South Carolina metropolitan area. JLL secured the loan through Locust Point Capital.
The Claiborne at Brickyard Crossing will be the 10th seniors housing community developed by CR Properties. The community will provide a continuum of care with 78 independent living units, 44 assisted living units, and 20 memory care units. Residents will enjoy common area amenities such as a golf simulator, bistro, theater, on-site physical therapy, yoga room and fitness center.
CR Properties is a Hattiesburg, Mississippi-based real estate development firm. Claiborne Senior Living is a subsidiary of CR Properties and manages the company’s seniors housing communities. The company has completed nine seniors housing communities to date, has one under construction and plans to continue to expand at the pace of two to three new communities a year.
The JLL Capital Markets team representing CR Properties was led by Senior Managing Director Brian Carlton and Managing Director Charley Bissell.
Bissell reported, “We are pleased to have represented CR Properties and Claiborne Senior Living on these two closings, which will help facilitate the continued growth of the Claiborne Senior Living platform. Rob and Craig Tatum, and their team, are focused on providing quality housing for seniors at a price point that many seniors can afford.”
“With the first of the baby boomers turning 75 this year, demand for this type of housing is growing at a rapid pace, and it is rewarding to help a quality developer and operator be better positioned to serve the burgeoning market,” continues Bissell.
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.