DENVER – JLL’s Capital Markets team has secured $54 million in joint venture equity financing for Solterra Senior Living to construct a new independent care living facility on Alameda and Colorado Boulevard in Cherry Creek. Construction is expected to begin in Q3 2019.
Solterra Cherry Creek will set a benchmark for senior housing and services, attuned with the lifestyle and demographics of Cherry Creek. The seven-story building will contain 136 residential units and benefit from excellent visibility and easy access to both I-25 and I-225, as well as light rail and bus stations. The surrounding area is flush with multiple recreation, entertainment, shopping and dining amenities and is only a short commute to larger installments like Cherry Creek Mall and Fiddlers Green.
According to JLL, this project faced significant challenges, not the least of which were the acquisition time frame and significant legal complications on the site. The equity partnership was sourced by JLL Managing Director Mike White.
“The exceptional aptitude and capability demonstrated by the institutional equity partner in embracing this compelling project from start to close within an extremely challenging four-week time frame and without permits in hand was simply extraordinary” said Mike White, who has specialized in institutional joint venture and structured finance engagements on projects all over the country for 30 years. “We were extremely pleased that Solterra engaged our unique expertise for this exceptional assignment.”
Arizona-based Solterra and their equity partner, Titan Fund Management, are now completing working drawings and anticipate pulling construction permits for the project in mid-year 2019.
Solterra has four senior living facilities in Arizona and one in Castle Rock as well as several Bridgewater Assisted Living facilities in Arizona for lower-income seniors.
In 2017 alone, JLL Capital Markets completed $170 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
Rendering courtesy of JLL