JV Secures $61M for Dallas-Area Senior Housing Project

DALLAS, TX – Joint-venture partners JAMP Enterprises LLC and Frontier Management LLC have secured $61 million in construction financing for the development of a 230-unit assisted living, memory care and independent living community in the Dallas suburb of Garland, TX.

A JLL capital markets team, led by director Alanna Ellis, secured the 15-year, five-year IO, 75% LTC, floating-rate loan on behalf of the partnership through a regional bank. JLL managing director Allison Holland also provided local support for the transaction.

The development, titled the Preserve at Spring Creek, will feature a 120-unit apartment-style complex, as well as 110 two-bed, two-bath independent living cottages. The property will also feature a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers, a mindful studio, numerous dining venues, multiple gathering spaces and 25 acres of private dedicated park space with interconnected walking paths.

Situated on 35.5 acres of land at 2055 Arapaho Rd., the country-club style facility will be the first of its kind within the submarket.

The Preserve at Spring Creek will offer direct access to the 23.5-acre Spring Creek Nature Preserve. It is located within five miles of nearly 100 unique healthcare offerings and six miles from downtown Plano, TX.

As the submarket’s 75+ population and senior housing demand continue to grow, the area currently has no other additions to the market. The unmet private pay needs are projected to increase to as many as 449 independent living units, 384 assisted living beds and 179 memory care beds by 2026.