Acquisition financing secured for two assisted living and memory care communities in Iowa

February 22, 2024

Excerpted from JLL

Written by Alli Semans

MINNEAPOLIS, Feb. 22, 2024 – JLL Capital Markets is pleased to announce the successful arrangement of acquisition financing for two assisted living and memory care communities in Iowa on behalf of affiliates of Jaybird Senior Living (“Jaybird”). 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 totalling $17,869,500 or $151,436/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.

Country Meadow Place is a 56-unit facility located in Mason City, Iowa. The building offers amenities such as a movie theater, beauty salon, spa, stunningly landscaped courtyard, a community parlor with a fireplace and access to walking trails.

Read the full story at JLL.