Dealmaker: JLL Arranges $30M Senior Living Community Refinancing

JLL Capital Markets, Chicago, arranged a $29.5 million refinancing for Mirror Lake Village, a 114-unit Class A independent living, assisted living and memory care community in Federal Way, Wash.

JLL represented borrower Mirror Lake Village LLC, Federal Way, to secure the financing through a regional bank together with retroactive C-Pace financing.

The community has 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. Mirror Lake Village occupies 3.04 acres at 3100 9th Place SW in Federal Way, the tenth-largest city in Washington. Located between the Cascades to the east and the Olympic range to the west along the Puget Sound shoreline, the area offers outdoor amenities and a vibrant city center. There are 21 colleges and universities within 20 miles, including University of Puget Sound, Pacific Lutheran University and the University of Washington-Tacoma. Federal Highway 99 connects the city with the larger Seattle metropolitan area and extensions to the Link Light Rail are expected to reduce travel times.

Median family incomes within a five-mile radius are 25% greater than the national average and the 75-plus population within five miles is expected to outpace the national growth rate through 2025.

JLL Director Alanna Ellis led the capital markets team representing the borrower. “We were very pleased to deliver such a unique execution to our clients, whose project was first delayed due to covid and then delivered into a difficult environment,” she said. “The combination of balance sheet financing from a regional bank together with retroactive C-Pace provided for full leverage on the reset budget and blended all in rate of 5.21% including 10 years of interest-only and 45% of the financing as fixed-rate non-recourse.”