CHICAGO, IL - JLL Capital Markets announced today that it has arranged a $57.5 million refinancing for Windsor at Celebration, a 239-unit, luxury seniors housing community near Orlando in Celebration, Florida.
JLL worked on behalf of the borrower, a partnership between Square Mile Capital Management and Big Rock Partners, to secure the five-year, floating-rate, non-recourse loan through a large debt fund.
“Celebration has proven to be an outstanding community for people of all ages,” said Charles Ochman, Managing Director of Square Mile Capital Management. “We’re pleased to continue our successful collaboration with Big Rock Partners, serving the needs of seniors here. And we greatly appreciated the work of JLL in getting this refinancing completed.”
Built in 2018, Windsor at Celebration consists of 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. Unit features include keyless entry, open concept kitchens with stainless steel appliances, paid utilities and weekly housekeeping. The community provides on-site fitness and health studios; dining venues, including a rooftop bar and lounge; art theater and 24/7 reception staff.
The JLL Capital Markets team was led by Senior Director Joel Mendes with the national seniors housing team and Senior Managing Director Chris Drew and Managing Director Brian Gaswirth.
“We appreciated the opportunity to work with Square Mile and Big Rock Partners on this important financing,” Mendes said. “Given the strengths of the sponsor, project and market, the transaction process was competitive, with the winning lender being selected based on a combination of proceeds, rate, covenant structure and certainty of execution. We look forward to the property’s continued success.”
“Arranging financing for sophisticated, institutional borrowers is always an honor for us,” Drew added. “JLL greatly values our firm-wide relationships with Square Mile and Big Rock.”