Aron Will of CBRE worked with Freddie Mac for his two latest transactions, and crisscrossed the country to do so. First, with Andrew Behrens of CBRE Multifamily Institutional Group, Mr. Will closed a $29.8 million financing for a 144-unit senior living community in Escondido, California (San Diego MSA). Purchased in 2012 by Westmont Living, the community underwent a three-year capital improvement project that involved adding a 22-unit memory care wing. It clearly worked, as occupancy stands at 92% for the property. Westmont received a 10-year, fixed-rate loan with 60 months of interest only payments.
Then, to Cincinnati, Ohio, where Mr. Will arranged acquisition financing (again through Freddie Mac) on behalf of Chicago Pacific Founders to buy a 124-unit assisted living community. In a transaction led by CBRE’s Lisa Widmier, CPF’s subsidiary, CPF Senior Living Communities, made the acquisition, and its wholly owned management arm, Grace Management, will take over operations. The seven-year floating rate loan, which came with 42 months of interest only, was arranged through CBRE’s Freddie Mac Seller Servicer direct lending program.
