JLL Secures $17.9M Acquisition Loan For Iowa Assisted Living Communities
604 East Hillcrest Avenue & 17396 Kingbird Ave, Mason City, IA 50401
$17,900,000
Building Size
—
Asset Type
MultiFamily
Closing
Feb 26, 2024
AI
The loan amount of $17.9 million has been secured by JLL Capital Markets for Vintage Hills of Indianola and Country Meadow Place, two assisted living and memory care communities totaling 118 units in Iowa. The properties are located at 604 East Hillcrest Avenue in Indianola and 17396 Kingbird Avenue in Mason City.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,900,000
- Units: 118
- Market: Indianola & Mason City, IA
- Landlord: Affiliates of Jaybird Senior Living
- Brokers: Alex Sheaffer & Jeff Lepley - JLL
- Loan Type: Acquisition
Alex Sheaffer and Jeff Lepley from JLL were the brokers who facilitated the acquisition financing for Vintage Hills of Indianola and Country Meadow Place. These two assisted living and memory care communities serve as crucial assets in the Iowa region.
Players
Indianola MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93