Aron Will of CBRE had yet another prolific month (after an already busy 2015), closing four transactions. Included in his totals were two acquisition financings (for the MorningStar Senior Living Colorado portfolio and Capitol Seniors Housing’s Seattle-area acquisition) already detailed in previous weeks.
Mr. Will also recently arranged a $32.3 million 10-year Fannie Mae loan, with a fixed interest rate and 54 months of interest-only. The borrower, Westmont Living, will use the funds to refinance its 138-unit independent/assisted living community in Chico, California. Already with a 94% occupancy rate at the community, Westmont may look to convert a number of units to memory care in order to keep improving operations, which it has been since acquiring the property in 2006.
Finally, on behalf of a joint venture between Care Investment Trust and affiliates of Heritage Senior Living, Mr. Will secured a $28 million fixed-rate loan from a regional bank, with 24 months of interest only, to acquire a newly built 120-bed assisted living/memory care community in Newton, Pennsylvania. Developed by Heritage (which also operates) and opened in March 2014, the community achieved stabilized occupancy within 13 months of operation.