Fresh off their closing of a portfolio financing for three California senior living communities owned by Carlton Senior Living, the CBRE team of Aron Will, Austin Sacco and Tim Root has closed another transaction, this time across the country in Harleysville, Pennsylvania.
Mr. Will was already familiar with this property, having funded its 2016 acquisition with a $39.9 million Freddie Mac financing on behalf of the buyer, Green Courte Partners (GCP). Built in two phases in 2006 (151 units) and 2014 (125 units), the independent living community filled up quickly and has performed well since then.
It was originally operated by Heritage Senior Living, then by GCP’s wholly owned subsidiary, True Connection Communities, after GCP formed the company in 2018 and replaced all of its third-party operators by the first quarter of 2019. Occupancy across its portfolio has increased by an average of 6% in that time.
The original loan came with a 10-year term and 72 months of interest only. Fast forward to today, and Green Courte has secured supplemental financing from Freddie Mac’s Optigo Lender program, courtesy of CBRE. No current loan amount was disclosed.