JLL Capital Markets experts have arranged a $47.5 million loan to refinance The 80th Street Residence, an assisted living facility specializing in enhanced memory care that is located at 430 East 80th Street.
The group worked on behalf of owners Wayne Kaplan and Larry Morehead to place the loan with New York-based IDB bank.
The 80th Street Residence, which contains 61 units and 70 beds, is New York’s premier licensed assisted living residence specializing in enhanced memory care. It is located in the Yorkville neighborhood on the Upper East Side and is one block from the East River.
The JLL Capital Markets professionals handling the refinancing included Peter Rotchford, Senior Director; Zach Rigby and Jason Skalko, Directors; and Dillon Donald, Analyst.
“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.”