Proffitt Dixon Gets $51M for Charlotte Senior Community
JLL Capital Markets arranged the financing.
Proffitt Dixon Partners has obtained a refinancing loan for Connery on Providence, a 200-unit senior housing community in Charlotte, N.C. New York Life Insurance Co. provided the five-year, $50.5 million note, according to Yardi Matrix data. JLL Capital Markets arranged the deal.
Completed just two years ago, Connery on Providence encompasses four three-story buildings spread on some 12.8 acres. The unit mix features one- and two-bedroom floorplans ranging between 848 and 1,418 square feet.
The independent senior living community’s amenities include a fitness center, a wellness center, a swimming pool, a clubhouse, pickleball courts, a media room, a dog spa, outdoor grilling stations, fire pits, courtyards and outdoor lounges, among others. The units feature washers and dryers, walk-in showers, storage space and private balconies or sunrooms.
READ ALSO: Why Senior Housing Prospects Just Got Brighter
Located at 4520 Shady Stream Way, the property is just west of Providence Road, which provides direct access to downtown Charlotte. Novant Health Matthews Medical Center is 5 miles away.
Senior Managing Director Travis Anderson, Director Brad Woolard and Associate Ryan Mueller led JLL’s Debt Advisory team which brokered the deal.
Senior housing sector performance
The refinancing comes as the senior housing sector continues to strengthen, with occupancy trending upward for the 17th consecutive quarter and approaching pre-pandemic levels. Rent growth remains steady, supported by limited new supply as developers face higher construction costs, labor shortages and longer timelines.
Occupancy amounted to 88.7 percent in the third quarter of this year. Analysts expect it to surpass 90 percent by 2026, as demand continues to outpace new deliveries.
