JLL Capital Markets announced that it closed the $17 million sale and arranged $25.35 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit, seniors housing community located in the northern Detroit suburb of Southfield, Michigan.
JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multihousing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank.
The property currently operates as an independent living facility, but the physical plant and location of the asset also appeals to conventional and age-restricted apartment owners. As such, the deal was executed as a collaboration between JLL’s Seniors Housing and Multi-Housing Capital Markets teams. The combined effort produced multiple attractive offers from both seniors housing and multi-housing buyers.
The JLL Capital Markets team executing the sale was led by Senior Directors David Gaines and Joel Mendes and Detroit Market Lead Dave Macdonald. The financing was led by Managing Director Trent Niederberger and Director Stephen Van Leer.
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.