JLL closes $20.3M HUD 232/223(f) refinancing for premier New Hampshire memory care community

BOSTON, June 3, 2026 - JLL Capital Markets announced today that through its lending arm JLL Real Estate Capital, LLC, it has successfully 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 premier 50-unit / 56-bed memory care community located in Dover, New Hampshire.

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 facility features a secure, thoughtfully designed environment with specialized programming, trained care staff, and amenities tailored to promote safety, dignity, and quality of life. Dover's location within the Seacoast region provides access to healthcare resources while maintaining a community-oriented environment that families value when selecting care options for loved ones.

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," added 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."

About JLL's HUD Financing Capabilities
JLL Capital Markets is a leading provider of HUD-insured financing for senior housing properties, offering comprehensive expertise across the HUD 232, 232/223(f) healthcare programs as well as under the 221(d)(4) and 223(f) multifamily programs. The firm's dedicated HUD team provides end-to-end transaction management, from initial structuring through closing, delivering efficient execution and competitive terms for assisted living, memory care, independent living, and skilled nursing operators. With deep relationships with HUD staff within the Office of Residential Care Facilities and HUD Multifamily and extensive program knowledge, JLL consistently delivers favorable outcomes for senior housing clients seeking long-term, fixed-rate financing solutions.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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