Frontier Management’s Greg Roderick (Getty, Frontier Management)
Two large Dallas-based firms have secured a $61 million loan to construct a 230-unit senior living facility in one of Dallas’ growing suburbs.
JAMP Enterprises and Frontier Management have secured a 15-year, floating-rate loan through a regional bank to begin construction of The Preserve at Spring Creek, a planned assisted living, memory care, and independent living community in Garland. JLL Capital Markets worked on behalf of the joint venture to secure the loan.
The community will be the first of its kind delivered in the Garland sub-market, according to the release, and will comprise 120 apartment-style units, 110 additional two-bed, two-bath independent living cottages, and 25 acres of private park space.
Garland’s existing senior housing stock is about 16 years old on average, according to the release, and the unmet private pay needs in the area are projected to increase to as many as 449 independent living units, 384 assisted living beds, and 179 memory care beds by 2026.
The Preserve at Spring Creek is set to be located on 35.5 acres at 2055 Arapaho Road, offering direct access to the 23.5-acre Spring Creek Nature Preserve. The country-club style facility will be within five miles of nearly 100 healthcare facilities like Methodist Richardson and Garland Health Center, roughly four miles from Firewheel Town Center — a 998,000 square-foot open-air shopping mall in Garland — and six miles from downtown Plano. There are also six golf courses and two lakes nearby.
The development will include community amenities like a clubhouse, a theater/chapel, a salon, a bistro, an arts and craft room, a billiards room, fitness centers and numerous dining venues and gathering spaces.
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