JLL Capital Markets announced that it arranged $29 million in financing for Whisper Woods of Smithtown, a 101-unit, 136-bed assisted living and memory care community in Long Island, New York.
JLL represented the borrowers, New York-based Sculptor Real Estate (“Sculptor”), the real estate business of Sculptor Capital Management, Inc., a leading global alternative asset management firm specializing in real estate, credit, and multi-strategy investment products; and Benchmark Senior Living, a large Boston-based seniors housing operator. The three-year loan was provided by a regional bank who is a new lending partner for both groups.
The JLL Capital Markets team that led the transaction included Managing Director Joel Mendes, Senior Managing Director Ted Flagg and Senior Director Stephen Van Leer.
“Benchmark and Sculptor built and leased a high-quality, well-located seniors housing property in Whisper Woods of Smithtown. We appreciated the opportunity to work with each of them again,” said Mendes. “The receptivity of this financing in the market demonstrates the strength of Benchmark and Sculptor as sponsors as well as the solid performance of the asset itself. The lender stepped up as well and delivered on their proposed terms. We are excited for the continued success of this property for all parties involved.”
“Given the challenges in the capital markets environment, we felt it was important to run a process for this financing, and JLL excelled. We have a longstanding relationship with JLL and continue to be impressed by their diligence and expertise,” said Jerry Liang, Chief Financial Officer of Benchmark. “We look forward to maintaining the positive resident experience and quality of care at Whisper Woods of Smithtown.”
