Funding arranged to develop a class A seniors housing community
JLL Capital Markets announced that it has organized funding for the Lodge at Piner Road, a 92-unit seniors housing project located in Santa Rosa, Calif., in Sonoma County.
JLL represented the borrower, Blue Mountain Enterprises and Calson Management, to secure the 75% loan from SLD through a private lender.
The Class A property to be built will total 37,762 square feet and consist 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 serving as a connector, located in the center of the building. Facilities on offer for the property include activity areas, a rooftop garden, cafe, cinema, library and wellness center.
Located on two acres at 1980 Piner Rd., The transit-oriented development is across from a local bus stop, providing direct access to downtown Santa Rosa. In addition, it is close to the Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to Santa Rosa and San Francisco; and highways 101 and 37, and highways 580 and 80.
Residents can also benefit from nearby amenities, including several grocery stores, a wide selection of retail and food services, as well as many local parks and medical facilities within a few miles of the property. Additionally, Sonoma County is home to its famous wine country and is renowned for its agricultural roots.
Despite having exceptional demographics for senior housing, the supply of submarkets is extremely limited, with only 86 senior housing units delivered since 2015. That said, over 15 percent of the population is aged 65 and over, with the 75 and over community expecting growth of over 6 years. percent over the next five years; exceeding the rate of the largest MSA and the national growth rate.
The JLL Capital Markets team representing the borrower was led by Director Bercut Smith.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment sale advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a licensed real estate broker with the California Department of Real Estate, license # 01223413.