EVANSTON, Ill. — JLL has arranged construction financing and joint venture equity for Trulee Evanston, a 163-unit luxury seniors housing community in Evanston, just north of Chicago.
Although the amount of the financing was not disclosed, the total development cost was estimated at $75 million. Construction is scheduled to start immediately.
The borrower is a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living. A national bank provided the debt, while an institutional private equity fund manager provided the equity.
Trulee Evanston will be constructed on a 0.77-acre infill site just north of downtown Evanston. The nine-story project will feature a blend of independent living, assisted living and memory care units. The project is scheduled for completion in 2021.
Joel Mendes led the JLL Capital Markets debt and equity team representing the developer.