March 11, 2020 – JLL Capital Markets announced today that it has arranged construction debt and joint venture equity for the development of Trulee Evanston, a 163-unit luxury seniors housing property in Evanston, Illinois.
JLL worked on behalf of the project sponsor, a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living, to arrange the debt, which was provided by a national bank, and the equity, which was provided by an institutional private equity fund manager. Both capital sources have significant seniors housing experience. Total project costs are approximately $75 million and construction will commence immediately.
Trulee Evanston will be constructed on an irreplaceable 0.77-acre infill site along Ridge Avenue just north of downtown Evanston. The nine-story project will feature a blend of private independent living, assisted living and memory care units that will offer residents a modern design with condominium-level finishes throughout. Due for completion in 2021, Trulee will feature numerous top-tier amenities and services, including multiple terraces and opportunities for fresh air and recreation, as well as views of downtown Evanston and Lake Michigan.
The JLL Capital Markets debt and equity team representing the developer was led by Senior Director Joel Mendes.
“Trulee Evanston, with its innovative design elements and space planning, will be one of the premier seniors housing communities in the Midwest,” Mendes said. “This extraordinary property will benefit from Condor’s background in delivering creative, luxury projects in Chicago and Solera’s focused, forward-thinking operational platform.”
“We are excited to provide a unique and positive experience for the residents of Evanston and surrounding communities,” Michael McLean, partner with Condor, stated. “The team at JLL was simply exceptional in sourcing the capital to bring our vision to life.”