GARLAND, Texas — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland.
The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services.
Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carries a 15-year term with five-years of interest-only payments and a 75 percent loan-to-cost ratio. A construction timeline was not disclosed.