Dealmaker: JLL Closes $20M HUD Refinancing for New Hampshire Memory Care Community

(Illustration courtesy of JLL)

JLL Capital Markets, Chicago, through its lending arm, JLL Real Estate Capital LLC, closed a $20.3 million 232/223(f)-insured loan for Spring Village at Dover, a 50-unit/56-bed memory care community in Dover, N.H.

The transaction was led by JLL’s Seniors Housing Capital Markets team, including Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenzweig and Senior Director Sam Dylag.

Spring Village at Dover is a purpose-built memory care community that was built in 2019 and designed specifically to support residents with Alzheimer’s disease and other forms of dementia. The facility features a secure environment with specialized programming, trained care staff and amenities tailored to promote safety, dignity, and quality of life. Dover’s location within the Seacoast region also allows access to healthcare resources.

The HUD 232/223(f) program provides seniors housing owners with competitively priced non-recourse financing featuring long-term fixed rates and flexible prepayment options.

“The HUD 232/223(f) program is an exceptional financing tool for memory care operators seeking long-term capital stability,” Wagner noted. “This transaction demonstrates how purpose-built memory care communities can leverage the HUD program to secure competitive, sustainable financing that supports their mission of providing high-quality care.”

“The HUD 232/223(f) program enabled us to deliver an optimal financing solution that positions this community for continued success,” Wagner added.