For the third time in the firm’s three-year history, Chicago Pacific Founders is acquiring a senior living community in the Las Vegas market, with the help of financing arranged by Aron Will of CBRE. Located about 13 miles west of the Strip (and 3.5 miles northwest of Spring Valley Medical Center), the community features 160 units of about 80% independent living and 20% assisted living. Built in 1999, it will be operated by Grace Management, which believes it can improve on the census and operations. Mr. Will originated a $13.5 million Fannie Mae loan, with a seven-year term and 3.5 years of interest only, on behalf of CPF’s private equity arm, CPF Living Communities.
One of CPF’s other properties in Las Vegas, a 116-unit IL community that it acquired in 2014, also refinanced with the help of Mr. Will. Since Grace Management took over operations, occupancy at the community improved from 75% to 98% today. Taking advantage of that added value, Mr. Will arranged a non-recourse, fixed-rate loan, with a five-year term and 24 months of interest only, from a CMBS lender.