Cadence Living and a private equity joint venture partner acquired two senior living communities in the Denver, Colorado metro area, thanks in part to financing secured by the CBRE National Senior Housing team of Aron Will, Austin Sacco and Matthew Kuronen.
Located in Aurora and Lakewood, these two communities combine for 152 assisted living and 35 memory care units. Both were previously operated by Brookdale Senior Living. The new joint venture owner will invest around $4 million to improve the communities’ marketability.
To fund the acquisition, CBRE arranged a $14.4 million bridge loan from a regional bank. It came with a four-year term, three years of interest only and a one-year extension option. We keep hearing that the bridge loan market is still extremely slow these days, and it takes good relationships with experienced operators to get any bridge transactions done. So well done to the CBRE team.