Omni Smart Living has secured a $73.6 million refinancing for two luxury senior housing communities in suburban Cleveland. The two Ohio properties totaling 328 units are in North Olmsted and North Royalton.
JLL Capital Markets arranged the financing, and according to Cuyahoga County records, the lender was Capital One.
Managing Director Joel Mendes and Associate Billy Lichtenstein worked on behalf of the borrower to secure a three-year, floating-rate loan.
The senior housing sector is still in its post-pandemic recovery mode, but remains a stable asset for investments, as a new generation of senior citizens will choose to live in a retirement community, according to JLL Valuation Advisory’s fifth annual survey. And a recent CBRE report estimates that senior housing rental rates and occupancy are expected to increase in 2022.
The two suburban Cleveland communities
Managed by Arrow Senior Living, the two recently built communities—Vitalia North Olmsted, encompassing 160 units and Vitalia North Royalton, comprising 168 units—offer independent living, assisted living and memory care units. Interiors feature full kitchen appliance packages, private patio and balcony, washer and dryer in all units and emergency call systems. Both communities offer similar common-area amenities, such as a fitness center and swimming pool. Residents have access to Vitalia Scholars program, 24-hour emergency call service, housekeeping, on-site maintenance, as well as group activities and entertainment.
Vitalia North Olmsted is located at 29843 Lorain Road, and Vitalia North Royalton is located at 8199 York Road. Both properties are approximately 20 miles from downtown Cleveland. Cleveland Clinic Fairview Hospital is roughly 10 miles away from the communities and the residents have access to several other medical centers in the area. Dining and retail options are available near the two properties, along Lorain and West Sprague Road, respectively. Cleveland Hopkins International airport is within 8 miles from the communities.