CBRE had their hands full in a large Dallas-area CCRC sale, representing one of the selling entities and the buyer in the transaction, in addition to arranging a two-part acquisition financing totaling over $120 million.
Totaling 1,104 rental units, which is separated out into 37% skilled nursing, 28% independent living, 24% assisted living and 11% memory care units, this portfolio was owned by Fortress Investment Group and Life Care Services, which held a lease-hold interest and operated (and will continue to operate) the communities. Properties ranged from 153 units to 267 units and were approximately 35 years old, all located in the Dallas MSA.
Aspect Investment Partners, a global investment advisory firm based in Dubai, UAE, emerged as the buyer, acquiring the communities in a joint venture with LCS, which will then immediately start on a multimillion dollar renovation across the portfolio. Imran Ahmed of CBRE Capital Advisors represented Aspect Investment Partners in the transaction, while Lisa Widmier of CBRE Capital Markets’ National Seniors Housing team represented LCS.
It didn’t stop there. CBRE’s Aron Will then stepped in to arrange $120.2 million in loan proceeds to fund the acquisition. The financing was made up of a $39.2 million, 10-year fixed rate loan, with 72 months of interest only, from Freddie Mac (secured by two of the properties) and an $81 million non-recourse, five-year floating rate loan, with 36 months of interest only, from a pair of national banks (secured by the remaining four properties). Well done to the entire CBRE team.
