December 13, 2019
JLL Capital Markets arranged a $47.5-million loan to refinance The 80th Street Residence, an assisted-living facility specializing in enhanced memory care and located at 430 E. 80th St. The group worked on behalf of owners Wayne Kaplan and Larry Morehead to place the loan with Israel Discount Bank of New York.
The 80th Street Residence contains 61 units and 70 beds. It’s located in the Upper East Side’s exclusive Yorkville neighborhood.
JLL Capital Markets’ Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald arranged the refi.
“By 2020, nearly 14 million Americans are projected to be living with Alzheimer’s, and the 80th Street Residences is the only New York City based assisted living facility specializing in enhanced memory care,” Rotchford said. “The facility is situated in an exceptionally supply-constrained, high-barrier-to-entry market in America’s most densely populated city. It offers tremendous in-place rents with strong historical occupancy.”
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