Chicago Pacific Founders has been one of the most active buyers of senior living assets this summer, announcing four deals since the start of July. Its most recent acquisition involved an 83-unit assisted living/memory care community in Richardson, Texas. Opened in March 2017, the community quickly reached stabilization, with occupancy currently sitting at 94%. It features a number of amenities, including a bistro lounge, movie theater and outdoor courtyard, in addition to being located near shopping, dining and entertainment centers. Evans Senior Investments represented the seller, another private equity firm, in the transaction.
To fund the deal, CPF turned to Aron Will, Austin Sacco and Tim Root of CBRE to arrange a $13 million Freddie Mac loan, with a 10-year, floating-rate term and 72 months of interest only.
