MorningStar Senior Living is set to open its fourth senior living community in the Phoenix market, with the help of construction financing arranged by Aron Will of CBRE. Together with joint venture partners N-Shea Group and an institutional equity partner, MorningStar is developing a 144-unit independent living (38 units), assisted living (71) and memory care (35) community in Glendale, a growing suburb roughly 10 miles northwest of downtown Phoenix. Although the development cost was not disclosed, MorningStar’s three previous projects in the metro area had cost between $200,000 per unit and $230,000 per unit to develop, and we imagine the Glendale project is similar.

Mr. Will provided a $20.19 million, or $140,200 per unit, floating rate construction loan, with a four-year term and 42 months of interest only, from a regional bank to finance the project, which will be operated by MorningStar upon completion.