August 30, 2022
ORLANDO, FL—JLL Capital Markets announced yesterday that it has arranged $37.75 million in financing for The Glades at ChampionsGates, a luxury 223-unit senior living community in the Orlando suburb of ChampionsGate, Florida.
JLL worked on behalf of the borrower, Fortress Investment Group, to secure the four-year, floating-rate, non-recourse loan through MidCap Financial Services.
The Glades at ChampionsGates offers independent living, assisted living and memory care units. The property consists of one- and two-bedroom units ranging from 627 to 1,060 square feet. Community amenities include outdoor courtyards and patios, a swimming pool, movie theater, activity room, fitness center, salon, bar and bistro, and casual, main and private dining rooms.
The property is located at 8400 Champions Gate Blvd. on 11.6 acres within the 1,500-acre master planned community of ChampionsGate, which is home to the well-known Omni Resort, high-end golf courses and numerous retail and dining venues. The Glades at ChampionsGates is situated roughly 20 miles southeast of the Orlando Central Business District (CBD) and 60 miles northeast of Tampa; in addition, Interstate 4 is less than half a mile away, providing access to the rest of the state.
The community benefits from the tremendous growth in population that the Orlando Metropolitan Statistical Area (MSA) has seen in recent years, with a 5-6% annual growth rate projected through 2027 for all cohorts, along with 12.5% annual growth for the 75+ population. Additionally, the area has seen an influx of businesses and residents migrating from high cost of living markets, seeking the low cost of living and taxes that Florida offers. The influx of wealthier adult children is a prime demand driver of seniors in need of independent and assisted living.
The JLL Capital Markets team representing the borrower was led by Director Alanna Ellis and Managing Director Allison Holland, with support from Associate Billy Lichtenstein and Analyst Zach Brantley.
“We appreciated the opportunity to work with Fortress on this important financing. JLL greatly values our firm-wide relationships with Fortress and continued partnership in the growth of their seniors portfolio,” said Ellis. “We look forward to this community’s success as a great addition to Fortress’ portfolio.”