CBRE’s Aron Will has been on a roll lately, having just closed his fifth transaction in under a month. The latest helped fund the acquisition of four seniors housing communities in the Louisville, Kentucky and Indianapolis, Indiana MSAs. They actually represent the stabilized properties within a seven-property portfolio acquisition (totaling 688 units) that CBRE also provided financing for.
Totaling 360 units, of which 278 are dedicated to assisted living and the remainder to memory care, the stabilized portfolio has been third-party managed by LCS since 2015 and will continue to be. The buyer, a joint venture between LCS and TH Real Estate, the real estate private equity affiliate of TIAA, received a seven-year Freddie Mac loan, with a fixed rate and 48 months of interest only, to fund the deal.
This acquisition is part of a programmatic joint venture between LCS and TH Real Estate to invest in core, value-add and development investment opportunities. Another property already purchased under the JV was a CCRC in Evans, Georgia, which was financed with a $28 million facility closed by BMO Harris Bank.
