JLL Capital Markets announced it closed the sale and arranged a $21.3 million financing for The Shores at Clear Lake, a 100-unit senior living community in Houston, Texas.
JLL worked on behalf of the seller, Meridian Realty Advisors, to complete the sale to the buyer, Chicago Pacific Founders. JLL also represented the buyer to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
Sitting on almost eight acres and totaling nearly 90,000 square feet, The Shores at Clear Lake offers 66 assisted living and 34 memory care units. The assisted living units feature studio, one- and two-bedroom units with kitchenettes; and the memory care units include a mix of shared and private units. The Shores at Clear Lake also features community amenities, including a lounge, outdoor patio, courtyard, multiple dining areas and a movie theater; and memory care services, such as music, art and pet therapy, support groups, and family education. The community opened in late 2018 and had reached 92% occupancy by September of 2020.
Located in southeast Houston, the property is expected to continue benefiting from the growing 75+ population within the primary market area. The property is situated adjacent to Clear Lake, a waterfront community, and NASA’s 1,700-acre Johnson Space Center. The Shores at Clear Lake is also near key healthcare facilities, including the Houston Methodist Clear Lake Hospital, Houston Physicians Hospital and HCA Houston HealthCare Clear Lake.
The JLL Capital Markets team representing the seller was led by Managing Director Charley Bissell and Senior Managing Director Brian Carlton. Financing was led by Managing Director Allison Holland.
“The Shores at Clear Lake garnered significant interest from investors due to the quality of the location and physical plant, and the strong performance of the property even during the COVID-19 pandemic,” said Bissell.
Holland adds, “This transaction is a prime example of the power of the JLL platform as our debt team worked alongside the investment advisory team to deliver highly favorable outcomes to the seller and buyer.”
JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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.