SEATTLE, WA—JLL Capital Markets announced earlier this week that it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, TX, which is a suburb of Dallas.
JLL worked on behalf of the joint venture sponsors—JAMP Enterprises LLC and Frontier Management LLC—to secure the 15-year, five-year IO, 75% LTC, floating-rate loan through a regional bank.
The community will be the first of its kind delivered in the sub-market that’s comprised of a 120-unit apartment-style complex, 110 two-bed, two-bath independent living cottages and 25 acres of private dedicated park space. The Preserve at Spring Creek will feature interconnected walking paths that grant access to a selection of on-site community amenities, including a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers, a mindful studio, numerous dining venues and multiple gathering spaces.
The country club-style facility will be located on 35.5 acres at 2055 Arapaho Rd., offering direct access to the 23.5 acre Spring Creek Nature Preserve. The property is within five miles of nearly 100 unique health care offerings, including Methodist Richardson and Garland Health Center. Furthermore, The Preserve at Spring Creek is roughly four miles from Firewheel Town Center and six miles from downtown Plano, which offers a variety of restaurants, performing galleries, event venues and unique shops. There are also six golf courses and two lakes, Lake Ray Hubbard and Lavon Lake, in the area.
Although the sub-market surrounding the property site is developing rapidly, the seniors housing competitive supply in the area is notably old, with an average age of over 16 years old. With continued rapid 75+ population growth and no other additions to the market, the unmet private pay needs are projected to increase to as many as 449 independent living units, 384 assisted living beds and 179 memory care beds by 2026. The Preserve at Spring Creek will further benefit from the area’s affluent demographic, with the median household income 16% higher than statewide averages.