JLL closes $20.3m HUD 232/223(f) refi. for Spring Village at Dover memory care community

Dover, NH JLL Capital Markets through its lending arm JLL Real Estate Capital, LLC, has closed a $20.3 million 232/223(f) insured mortgage loan backed by the U.S. Department of Housing & Urban Development, for Spring Village at Dover, a 50-unit/56-bed memory care community.

The financing will enable the property’s private equity ownership to continue delivering specialized dementia care services while Woodbine Senior Living, a northeastern regional operator, maintains management of the high-performing asset.

The HUD 232/223(f) program provides seniors housing owners with competitively priced, non-recourse financing featuring long-term fixed rates and flexible prepayment options. JLL’s dedicated HUD platform has closed billions in senior housing transactions, offering specialized expertise in navigating the federal financing process for assisted living, memory care, and skilled nursing properties nationwide.

Spring Village at Dover is a purpose-built memory care community that was built in 2019 and designed specifically to support residents with Alzheimer’s disease and other forms of dementia. The town’s location within the Seacoast region provides access to healthcare resources while maintaining a community-oriented environment.

The transaction was led by JLL’s seniors housing capital markets team, including senior managing directors Jay Wagner, Rick Swartz and Aaron Rosenzweig and senior director Sam Dylag.

“The HUD 232/223(f) program is an exceptional financing tool for memory care operators seeking long-term capital stability,” said Wagner. “This transaction demonstrates how purpose-built memory care communities can leverage the HUD program to secure competitive, sustainable financing that supports their mission of providing high-quality care.”

“We are pleased JLL played a role in securing the long-term future of this extremely high-quality and high-performing memory care community,” said Wagner. “Ownership has been an excellent steward of this property, which serves a vital role in providing memory care supportive services for Dover and the surrounding area. The HUD 232/223(f) program enabled us to deliver an optimal financing solution that positions this community for continued success.”