Dallas Senior Housing Community Lands $26M Loan

KeyBank originated a Freddie Mac loan for the acquisition of a 175-unit property. The community was built in 2009 and offers independent living homes.

Churchill Estates at Lake Highlands

KeyBank Real Estate Capital has provided $26 million in first mortgage financing for Churchill Estates of Lake Highlands, a 175-unit senior property in Dallas. The Freddie Mac floating-rate acquisition loan, with a seven-year term, has a four-year interest only period and a 30-year amortization schedule. According to public records, Capitol Senior Housing sold the asset.

The property is located at 8501 Lullwater Drive, at the border of Old Lake Highlands and Lake Highlands neighborhoods in northeastern Dallas. The site is adjacent to retail, dining and other amenities. The four-story building was completed in 2009 and all residential units were designed for independent living. Amenities at Churchill Estates of Lake Highlands include:

  • chef-prepared dining
  • concierge services
  • housekeeping scheduled activities (recreational, religious, social and wellness)
  • art studio
  • library
  • billiard room
  • heated pool
  • wellness center
  • full-service beauty salon
  • guest suites

Keybank Senior Vice President Charlie Shoop arranged the debt structure. In January, the company originated $161.5 million in financing for a 13-property, age-restricted housing portfolio owned by Calamar Enterprises Inc.

Image via Google Street View

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