Four years after he arranged construction financing for a to-be-built rental CCRC in Houston, Texas, Aron Will of CBRE is refinancing the property on behalf of its owners, joint venture partners Bridgewood Property Company and Harrison Street Real Estate Capital. Located in the affluent Houston neighborhood of River Oaks, the property opened in 2017 with 198 units, the majority being independent living, with assisted living and memory care units too. Bridgewood’s wholly-owned management affiliate, Retirement Center Management, operated the community since inception.
In 2015, Mr. Will had arranged a $49.7 million floating-rate loan, with a six-year term, 48 months of interest only and an “all-in” interest rate of approximately 2.33% from a regional bank. Upon completion of the project and certificate of occupancy, that interest rate dropped to 2.18% through the life of the loan. This year, Mr. Will was joined by Austin Sacco and Adam Mincberg to secure a $55.5 million, four-year, floating-rate loan with 30 months of interest only from a national bank to refinance the property.