JLL Closes $20.3M HUD Refinancing for Spring Village at Dover Memory Care in New Hampshire

BOSTON — June 3, 2026 — JLL announced it has closed a $20.3 million HUD-insured mortgage loan for Spring Village at Dover, a 50-unit, 56-bed memory care community in Dover, New Hampshire. The transaction was structured as a HUD Section 232/223(f) insured mortgage loan through JLL's lending arm, JLL Real Estate Capital, LLC.

The refinancing provides the property's private equity ownership with long-term, fixed-rate, non-recourse debt, enabling continued operations at the purpose-built memory care facility managed by Woodbine Senior Living, a regional senior housing operator focused on higher-acuity communities in the northeastern United States.

Deal Structure and HUD Financing Terms

The $20.3 million loan was originated under the HUD 232/223(f) program, a federal financing vehicle designed for the refinancing of licensed healthcare facilities, including assisted living and memory care communities. The program offers non-recourse financing with long-term fixed rates and flexible prepayment options.

The transaction was led by JLL's Seniors Housing Capital Markets team. Senior Managing Directors Jay Wagner, Rick Swartz, and Aaron Rosenzweig, along with Senior Director Sam Dylag, oversaw the execution.

"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."

Wagner added: "We are pleased JLL played a role in securing the long-term future of this extremely high-quality and high-performing memory care community. 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 the Property and Operator

Spring Village at Dover was constructed in 2019 as a purpose-built memory care community, designed specifically to support residents with Alzheimer's disease and other forms of dementia. The facility features a secure environment with specialized programming, trained care staff, and amenities tailored to promote safety, dignity, and quality of life. Dover is located within New Hampshire's Seacoast region.

Woodbine Senior Living, the property's operator, is a northeastern regional company specializing in boutique senior housing communities that provide higher-acuity care services, including assisted living and memory care. The company's operational model emphasizes resident engagement and clinical outcomes in smaller, residential-style settings.

New Hampshire Seacoast Market Context

Dover is located within New Hampshire's Seacoast region. According to JLL, the region provides access to healthcare resources while maintaining a community-oriented environment that families value when selecting care options for loved ones.

HUD's Role in Senior Housing Capital Markets

JLL Capital Markets has noted that its dedicated HUD platform has closed billions in senior housing transactions. The firm's HUD capabilities span the 232, 232/223(f), 221(d)(4), and 223(f) programs, covering assisted living, memory care, independent living, skilled nursing, and multifamily real estate.

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. The firm reported annual revenue of $26.1 billion as of March 31, 2026, and operates in more than 80 countries.

Sources

JLL Newsroom: JLL Closes HUD Refinancing for Spring Village at Dover in NH (June 3, 2026)