CBRE Does Deal Double

The CBRE National Senior Housing group flexed its muscles this week, closing two acquisition financings and an asset sale. First, Lisa Widmier represented HCP in its divestment of a 159-unit independent living/assisted living community in Beaumont, Texas, for an undisclosed price. Featuring a majority of independent living units, the community was built in 1996. Under management by Atria Senior Living, it was 93% occupied as of February. Chicago Pacific Founders stepped in as the buyer, through its affiliate CPF Living Communities, and hired Grace Management to operate. Then, in comes CBRE’s Aron Will, who secured a seven-year floating rate loan, with 24 months of interest only, through its Freddie Mac Seller Servicer direct lending program.

Mr. Will then took his talents to Everett, Washington, where he arranged a $33.15 million acquisition loan on behalf of Artemis Real Estate Partners to acquire a 148-unit independent living/assisted living community. Also with a majority of IL units, the community was built in 2002 and had consistently high occupancy above 95%, with a 100% private pay census. It was also operating at a 45% EBITDAR margin at the time of the sale. An independent owner/operator (represented by Evans Senior Investments) sold the community for $50.5 million, or $341,000 per unit. To fund the deal, Mr. Will secured the $33.15 million loan through Freddie Mac again, with a seven-year, fixed-rate term and 48 months of interest only. Artemis hired Artēgan Senior Living to operate the community under a third-party management contract.

 

 

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