High-acuity community to be built

Aron Will, together with Jim Sellers and Tim Prouty, of CBRE arranged a $25.03 million construction loan for a joint venture between The Freshwater Group and Kayne-Anderson to build a 129-unit/135-bed senior care community in Tucson, Arizona. The loan, placed through a regional bank, featured a three-year floating rate term which then converts to a three-year mini-perm loan. Kayne-Anderson will provide institutional equity for the project, while Watermark Retirement Communities will operate the finished community, which will consist of five buildings with assisted living, memory care and skilled nursing services. For the assisted living, it will be fully licensed Directed Care, the highest AL licensure in Arizona, to allow for the care of the highest acuity AL residents. And while the AL/MC will be 100% private pay, the skilled nursing portion will be private pay with a percentage of Medicare and HMO. The community will also benefit from The Live Well Age Well Collaborative, a partnership with the University of Arizona, The University of Arizona Health Network and other leaders in the Tucson medical community, which will provide residents with access to university-based clinical care, research and programming.


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