$28 million refinancing secured for a newly built senior living community in Spring

JLL Capital Markets arranged a $28 million senior mortgage for The Landing at Augusta Woods, a 148-unit senior housing community in Spring, Texas.

JLL represented Harmony Communities to secure the four-year, fixed to floating rate loan from a Life Insurance Company to refinance an existing construction loan and fund additional expansion of the community.

The community is comprised of a 120-unit apartment-style complex that provides independent living, assisted living and memory care, and 28 to-be-built independent living duplex-style cottage units. The luxurious country club style facility is designed to immerse residents into an engaging community with resort-style amenities and best-in-class care services.

Spring, Texas is located just outside of The Woodlands, which is one of the nation’s premier master planned communities. It offers a unique blend of an urban neighborhood with suburban conveniences, which include prestigious residential communities and amenities. Situated on 28,000 acres, The Woodlands is located just 27 miles from the Houston CBD and 15 minutes to the north of the George Bush Intercontinental Airport.

Over the last two decades, there has been a remarkable transformation in Houston, the nation’s fourth-largest city. Houston has one of the youngest, fastest growing and most diverse populations anywhere in the world. From 2010 to 2018, Houston added 1.1 million residents, an 18.3% increase, the fastest rate of population growth among the 10 most populous U.S. metros.

The JLL Capital Markets Debt Advisory team was led by Senior Director Zane Sweet, Director Alanna Ellis and, Analysts Zach Brantley and Kyle White.