High-quality property opening in high-income area

One of the wealthiest neighborhoods in the country will soon open its first seniors housing community. River Oaks (in Houston, Texas), the most affluent community in the state of Texas, and among the top ten in the United States, with real estate values ranging from $1 million to over $20 million, is the home to The Village of River Oaks, a 195-unit independent living/assisted living/memory care community to be built by a joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital. The property, featuring 99 IL, 68 AL and 28 MC units, will be managed by an affiliate of Bridgewood, Retirement Center Management, which manages senior living communities in Texas and Oklahoma. To finance the construction, the joint venture turned to Aron Will of CBRE National Senior Housing to arrange a $49.7 million floating rate loan with a six-year term and 48 months of interest only. The “all-in” interest rate today was approximately 2.33% through completion of the project (June 2017)and certificate of occupancy, and at that time, the interest rate will drop to an “all-in” rate of approximately 2.18% through the remaining four years of the loan, which was procured from a regional bank.