JLL Capital Markets arranges joint venture equity for Centric Development’s Senior Living Project in Fredericksburg, VA

WASHINGTON, D.C., May 10, 2023 – JLL Capital Markets announced today that it worked on behalf of Centric Development LLC to arrange joint venture equity for a seniors housing development project in Fredericksburg, Virginia. The project is a 153,000-square-foot property, situated on a 16.2-acre parcel. Upon completion, the three-story community will contain 142 units of seniors housing, comprised of 106 oversized assisted living one- and two-bedroom units and 36 memory care units. The property will be built with luxury finishes and is set to be completed by 2025.

The project is conveniently located approximately 50 miles north of Richmond and 50 miles southwest of Washington, D.C. within an established regional medical hub in one of Virginia’s fastest-growing localities. The site is highly visible at the northwest corner of Spotsylvania Parkway and Hospital Boulevard, across the street from Spotsylvania Regional Medical Center and less than a quarter mile from Interstate 95 and U.S. Hgwy. 17.

The JLL Capital Markets Advisory team was led by Managing Director Joel Mendes, Senior Managing Director Anthony T. Fertitta Jr. and Associate Billy Lichtenstein.

“We want to express our sincere appreciation to the JLL team for their efforts in arranging this equity placement and we greatly appreciate their support and partnership in bringing this project to fruition,” said David Vickers, CEO of Centric Development. “We are excited to break ground on this development in Fredericksburg that will provide a senior living community of the highest quality for our future residents.”

“The project’s large unit sizes and luxury amenity spaces are reflective of Centric Development’s eye for detail and vision for the future needs and desires of Fredericksburg’s seniors and their families,” said Joel Mendes, Managing Director at JLL. “It was a pleasure working with Centric and we look forward to the success of this project.”

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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Centric Development is a privately held real estate development and general contracting company. Centric uses its extensive experience as a general contractor to construct a high-quality product while managing the construction budget below industry averages driving more attractive return metrics for investors. The management team has completed more than 155 commercial projects in 24 different states