SOUTHFIELD, Mich. — JLL Capital Markets announced today that it closed the $17 million sale and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan.
JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank.
The property currently operates as an independent living facility, but the physical plant and location of the asset also appeals to conventional and age-restricted apartment owners, according to JLL. As such, the deal was executed as a collaboration between JLL’s Seniors Housing and Multi-Housing Capital Markets teams.
David Gaines, Joel Mendes and Dave Macdonald led the sale transaction. Trent Niederberger and Stephen Van Leer led the financing.
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