CBRE closed out 2020 with a cash-out refinance of a 217-unit senior living community in Eugene, Oregon, with Aron Will, Austin Sacco and Tim Root working on the deal. A joint venture between The Springs Living and Harrison Street was the borrower, having developed the property in 2017 with construction financing also secured by CBRE. The property experienced strong lease-up and stabilized within 13 months of opening. It is currently 96% occupied across the 110 independent living units (including 31 cottages), 75 assisted living units and 32 memory care units. Not too bad for a pandemic.
The five-year, non-recourse loan was provided by a national bank and came with 18 months of interest only and a floating rate. It takes out the five-year, $40.1 million construction loan that was originally provided in 2015 (and given the current performance of the community, we suspect loan proceeds more than covered the loan balance).