Jaybird Senior Living announced that it has secured acquisition financing for two assisted living and memory care communities in Iowa. The facilities, Vintage Hills of Indianola and Country Meadow Place, total 118 units combined. Both communities were managed by Jaybird prior to the acquisition.
JLL represented the borrower in this transaction and secured two loans totaling $17.87 million or $151,436 per unit, representing greater than 80 percent of the total purchase price. One loan was facilitated through a regional bank, while the other utilized the HUD/FHA 232/223(f) program.
Vintage Hills of Indianola is a 62-unit facility located in Indianola, Iowa, a suburb 30 minutes south of Des Moines. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and a community parlor with a fireplace, while the apartments feature private bathrooms, 24-hour emergency maintenance, a pet-friendly policy and available kitchenettes.
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