Financing secured for a 165-unit senior housing asset in Phoenix’s affluent northwest submarket

SEATTLE, May 1, 2024 – JLL Capital Markets announced today that it arranged financing for Inspira Arrowhead, a newly constructed senior housing asset in Glendale, Arizona.

JLL worked on behalf of the borrowers, funds managed by affiliates of Fortress Investment Group LLC (“Fortress”), and COGIR Senior Living, collectively.

Inspira Arrowhead is a 187,393-square-foot, Class A senior housing community consisting of 165 senior housing units across three stories. Key building amenities include an outdoor pool deck, fire pit, a fitness center, lounge/living spaces, game room, theatre room, beauty salon, memory care areas, full-service dining options and more.

Inspira Arrowhead is located at 20240 N 78^th Ave. in the epicenter of the Northwest Valley’s robust healthcare offerings. Greater Phoenix has become a healthcare stronghold propelled by demand of its in-migrating populations, aging demographic, and accessibility to a roster of prestigious, valley-wide medical centers. The Northwest Valley offers Inspira Arrowhead residents abundant, generation-spanning healthcare resources as well as a durable economic foundation supported by more than 17,100 medical professionals within a seven-mile radius. The Northwest Valley’s aging population, coupled with the ongoing demands of the Phoenix MSA, have been a catalyst for the region’s continual flow of capital investments toward new healthcare opportunities and medical center growth directly supplying Inspira Arrowhead’s resident base well into the future.

The JLL Capital Markets team was led by Senior Director Alanna Ellis and Associate Alex Sheaffer.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Over the last 15 years, Fortress Investment Group has invested through its Private Equity Funds business in large owners and operators of senior housing such as Brookdale, New Senior Investment Group, and Holiday Senior Living. Over the last two years, Fortress Real Estate funds have been targeting high quality senior housing assets that have had occupancy negatively impacted by COVID-19. Fortress believes the current dislocation in the market offers an opportunity to acquire assets at extremely attractive basis with strong demographic tail-winds over the next 5 to 10 years. Fortress will be partnering with COGIR Management USA, whose third party management platform manages 64 IL, AL, and MC facilities nationwide.

Founded in 1995, COGIR manages more than 230 properties located in Quebec, Ontario, and the United States including more than 6 million square feet of residential, commercial, industrial and office sector real estate. Residential management includes over than 26,000 units located in Quebec, Ontario and United States. A subsidiary of COGIR Real Estate, COGIR Management USA is headquartered in Scottsdale and operates 64 senior living communities in Washington, California, Colorado, Arizona, Georgia, North Carolina, Maryland and Virginia. Their Arizona portfolio consists of six purpose built high end communities across the Phoenix MSA.