Two Seniors Housing Communities in Near Cleveland Secure $73.6M Refinancing
July 21, 2022
CLEVELAND, OH—JLL Capital Markets announced last week that it had arranged a $73.6 million refinancing for two newly built, luxury seniors housing communities totaling 328 units in North Olmsted and North Royalton, Ohio. Both properties offer independent living, assisted living and memory care units.
JLL worked on behalf of the borrower, Omni Smart Living, to secure the three-year, floating-rate loan through a national debt fund.
“JLL did a fantastic job driving the process and are true experts at their craft,” said Mario Sinicariello, president of Omni Smart Living. “We value the relationship with both JLL and our new lending partners and look forward to continuing to serve the older adult populations in northeast Ohio.”
The properties include Vitalia North Olmsted, totaling 160 units, and Vitalia North Royalton, which offers 168 units. Both properties offer similar amenity packages, including gourmet restaurant-style meals, a fitness center with an indoor pool, the Vitalia Scholars program, a 24-hour emergency call service, housekeeping service and on-site maintenance. In addition, the communities host group activities and entertainment, as well as community outings. The units include full kitchen appliance packages, a private patio/balcony, an in-unit washer and dryer and emergency call systems.
Vitalia North Olmsted is located at 29843 Lorain Rd., approximately 15 miles from downtown Cleveland, and Vitalia North Royalton is 10 miles from downtown Cleveland at 8199 York Rd. Both properties are near a variety of dining, shopping and entertainment options, and have convenient access to major highways. In addition, Vitalita North Olmsted is two miles from University Hospital Saint John Medical Center, and Vitalia North Royalton is two miles from University Hospital Pharma Medical Center.
“Omni identified two quality markets and delivered two impressive communities, which is evident in the outperformance of both properties,” said Joel Mendes, JLL Capital Markets’ managing director. “It was a pleasure working with them, as well as the lender, who closed the deal smoothly as proposed.”
