JLL Capital Markets Arranges $15M Refinancing for Monarch Cottages Memory Care Community in La Jolla, California

LA JOLLA, Calif. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla, California.

JLL represented the borrower, Monarch Senior Living, in arranging the loan.

Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet.

Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001.

The JLL Capital Markets debt team that represented the borrower was led by Alanna Ellis and Bercut Smith.