CHICAGO, IL - JLL Capital Markets announced today that it has arranged a $15 million refinance for Monarch Cottages, a 26-unit, 52-bed, 2-story, Class A luxury memory care community in the San Diego community of La Jolla, California.
JLL represented the borrower, Monarch Senior Living, in arranging a loan.
Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. The memory care community offers residents a variety of amenities that include residential style common areas, outdoor courtyard spaces, uniquely designed neighborhoods on each floor, furnished or un-furnished companion suites, non-invasive leading assistive technologies that monitor behavior patterns, a secured environment and around-the-clock staff.
The services Monarch Cottages offer range from personalized lifestyle plans developed and implemented daily for each resident to specialized personal assistance, along with full access to experienced staff, gourmet meals and snacks tailored to each residents’ preferences, facility events, nutritious meal planning and holiday and other special events.
Located at 7630 Fay Ave., Monarch Cottages is near the 5 and 52 freeways, offering access to many of La Jolla’s popular attractions, including Shell Beach, La Jolla Cove, Goldfish Point, the La Jolla Tide Pools and rich cultural venues. Additionally, the community is adjacent to The Conrad, a recently completed performing arts center. This venue allows Monarch’s residents and families to participated in an innovative music therapy program that features various activities and programs unique to the Monarch Cottages.
Seniors continue to reside in coastal suburban neighborhoods like La Jolla that are proximate to primary central business districts while still maintaining access to major healthcare and transit centers. Within a three-mile radius, the 75+ seniors population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1,900,367 and a median household income of $200,001. The community's extremely affluent demographics, well-educated locale, lack of comparable memory care communities and its irreplaceable location with significant barriers to entry, position Monarch Cottages as the premier memory care community in the area.
The JLL Capital Markets debt team that represented the borrower was led by Directors Alanna Ellis and Bercut Smith.