Construction loan now secured for innovative seniors community
LOS ANGELES: A construction loan has now finally been secured for an innovative seniors community project.
Capital Markets announced today that it has assisted the developer, Protea Capital Partners, in arranging $34.5 million in construction financing for the development of HarborChase of Beachwalk, a 172-unit seniors housing community in St. John’s, Florida.
Through JLL’s competitive marketing process, which generated multiple bids, Protea was able to secure the five-year construction loan with a super-regional bank on favorable terms.
Slated for completion in October 2027, HarborChase of Beachwalk will offer 82 independent living units, 66 assisted living units and 24 memory care units across multiple three- and four-story buildings. Floor plans will range from studios to two-bedrooms (375 to 1,104 square feet). Residents will enjoy premium amenities including a bar, bistro, beauty salon, arts and crafts room, theatre, billiards room, fitness center, golf simulator and tea room.
Located at 335 Beachwalk Blvd. within the 1,200-acre Beachwalk master-planned community, the property sits in an affluent, high-growth corridor of the Jacksonville metro. The 75+ age cohort in St. John’s County is expected to grow 41% by 2030, and comparable seniors housing occupancy remains robust at 94–96%.
JLL’s Capital Markets team representing the borrower was led by Director Olga Walsh, Senior Managing Director Aaron Rosenzweig and Senior Director Dan Baker.
“Lender appetite for high-quality seniors housing projects like HarborChase of Beachwalk continues to strengthen, particularly in affluent growth markets like suburban Jacksonville,” said Walsh. “By running a disciplined and competitive process, JLL was able to materially improve loan proceeds, terms and flexibility.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.