Switching around lending partners, a joint venture between Bourne Financial Group and Cascadia Senior Living recapitalized and refinanced their 138-unit assisted living/memory care property in Kennewick, Washington, with the help of CBRE’s Aron Will. The memory care portion was completed in 2015, with the assisted living finished in 2016, and since then, both acuities have quickly stabilized. The property is considered to be very high quality for the area and includes amenities like restaurant-style dining, cafes, putting greens, yoga and fitness studios, Wii bowling and movie theaters. To recapitalize the property, Mr. Will secured a $26.35 million loan, with a seven-year, fixed-rate term and 36 months of interest only, from a national bank. Cascadia will continue to operate the property under a management agreement.
The transaction comes on the heels of Mr. Will’s acquisition financing arranged on behalf of a joint venture between Capitol Seniors Housing and The Carlyle Group for a 124-unit independent living community in Cypress, Texas (Houston MSA). The JV received a $20.9 million non-recourse loan, with a five-year term, floating rate and 36 months of interest only, also from a national bank.
