After opening in 2017, and already filling up, a senior living community in Plymouth, Michigan (Detroit MSA) refinanced its construction debt with the help of Aron Will of CBRE. Developed by a joint venture between Boston-based private equity firm Blue Moon Capital Partners and Troy, Michigan-based operator Cedarbrook Senior Living, the community features 98 independent living, 43 assisted living and 41 memory care units, in addition to 19 IL cottages.
It was developed at an approximate cost of $45 million, or around $225,000 per unit, which is slightly above the regional average for senior living communities of $215,000 per unit, according to our in-house database of developments dating to 2013. Both owners have plenty of experience in developing senior living properties, which must have helped the impressive lease-up. Mr. Will originated a $48 million fixed-rate loan from Fannie Mae, with a 10-year term and full term of interest only, to refinance the successful community.