HOUSTON — JLL Capital Markets has arranged the sale of The Shores at Clear Lake, a 100-unit senior living community in Houston.
JLL worked on behalf of the seller, Meridian Realty Advisors, to complete the sale to the buyer, Chicago Pacific Founders. JLL also represented the buyer to secure a $21.3 million, 10-year, floating-rate loan through Freddie Mac as part of the transaction. JLL Real Estate Capital will service that loan.
Sitting on almost eight acres and totaling nearly 90,000 square feet, The Shores at Clear Lake offers 66 assisted living and 34 memory care units. The community opened in late 2018 and had reached 92 percent occupancy by September of 2020.
Located in southeast Houston, JLL expects the community will benefit from a growing 75-plus population within the primary market area. The property is situated adjacent to Clear Lake, a waterfront community, and NASA’s 1,700-acre Johnson Space Center. The Shores at Clear Lake is also near key healthcare facilities, including the Houston Methodist Clear Lake Hospital, Houston Physicians Hospital and HCA Houston HealthCare Clear Lake.
The JLL Capital Markets team representing the seller was led by Charley Bissell and Brian Carlton. Allison Holland led the financing team.