On the way to stabilizing its two senior living communities in Tucson, Arizona and Pahrump, Nevada, Chicago Pacific Founders refinanced with the help of Aron Will of CBRE. In 2016, its subsidiary CPF Living Communities acquired the two majority-independent living communities (with assisted living and memory care units as well) from two non-traditional seniors housing owners.
Occupancy was low at the time, but Grace Management took over and improved operations, expecting them to fully stabilize by 2019. There are 140 independent living, 60 assisted living and 12 memory care units. CBRE secured a three-year floating-rate loan, with 36 months of interest only, from a debt fund to refinance bank debt on the communities.
