It was all hands on deck at CBRE for the sale of an Englewood, Florida (Sarasota MSA) senior living community. We wrote about the deal earlier this week when Chicago Pacific Founders (CPF) announced its acquisition of the property. Featuring 118 units of assisted living and memory care, this community opened in 2017. It is located just minutes from the water and a number of shopping centers and medical facilities. There is also an adjacent 50-acre plot that CPF also acquired to add independent living units and cottages. After leasing up at a rate of approximately six move-ins per month until stabilizing in 2019, the community was 93% occupied at the time of closing. Grace Management will look to continue that good work. This transaction represents the sixth acquisition in CPF’s Fund II.
Lisa Widmier of CBRE Capital Markets’ National Senior Housing represented the seller, a Florida-based private real estate development and investment company that originally built the community. In addition, CBRE’s Tim Root, Austin Sacco and Aron Will arranged the acquisition financing for the deal. Working through its Freddie Mac Optigo lending program, the team secured a $20.8 million loan, with a 10-year, fixed-rate term and 60 months of interest only.