$61m construction loan secured for suburban Dallas senior housing development

JLL Capital Markets 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, Texas, a suburb of Dallas.

JLL worked on behalf of the joint venture sponsor, JAMP Enterprises and Frontier Management, to secure the 15-year, five-year IO, 75 percent LTC, floating-rate loan through a regional bank.

The community will be the first of its kind delivered in the submarket, comprising a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages with 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 crafts room, billiards room, fitness centers, a mindful studio, numerous dining venues and multiple gathering spaces.