Aron Will of CBRE showed off his strength and variety this month, closing five transactions so far in May. First was a $10.2 million Freddie Mac loan arranged on behalf of Chicago Pacific Founders to acquire a 100-unit independent living/assisted living community in Easley, South Carolina. The loan came with a seven-year floating-rate term and 42 months of interest only.
Mr. Will also arranged acquisition financing for a global investment manager for its purchase of two assisted living/memory care communities in Cincinnati, Ohio and Salt Lake City, Utah. Both were originally developed by CA Ventures in partnership with another institutional equity partner and Senior Lifestyle Corporation. Since opening in late 2017 and early 2018, respectively, the communities are filling up quickly under SLC’s management. To fund their purchase, CBRE secured a three-year, floating-rate loan, with 36 months of interest only, courtesy of a debt fund.
CA Ventures may have sold two properties, but it went through CBRE to secure financing for the construction of two brand-new seniors housing communities in the greater Hartford, Connecticut area. Each community features 80 AL and 40 MC units, and they are located in the towns of Simsbury and Farmington. A global investment manager partnered with CA Ventures for the developments, which will be operated by Integral Senior Living under a third-party management agreement. Mr. Will worked with a regional bank to provide a five-year, floating-rate loan, with 42 months of interest only, to fund the projects.
Mr. Will also arranged two agency refinances for existing senior living communities. First, with Kevin Randles of CBRE’s Sacramento office, a 108-unit independent living community in Roseville, California, received a fixed-rate Fannie Mae loan, representing the fourth agency loan CBRE arranged on behalf of the borrower, Ray Stone, Inc., which has owned and operated the property since 2007.
Finally, Mr. Will worked through CBRE’s Freddie Mac Seller Servicer direct lending program to arrange a $34.5 million loan for a joint venture between Padua Realty Company and Paradigm Senior Living to refinance its 157-unit senior living community in Conroe, Texas (Houston MSA). Featuring 60 independent living, 60 assisted living and 20 memory care units, along with 17 detached IL cottages, the property opened in January 2017 and is already over 90% occupied.
