CBRE’s National Senior Housing team refinanced three seniors housing communities in the Midwest. Owned by a joint venture between CA Ventures and Partners Group, the communities were built in 2016 and 2017 in the Chicago (two locations) and Kansas City metro areas. They consist of 210 assisted living and 98 memory care units as well as numerous high-end amenities. Anthology Senior Living, CA Ventures’ wholly owned senior living operating platform, manages the Illinois communities, while Senior Lifestyle operates the Kansas location.
To refinance debt they had previously placed with another debt fund, Aron Will, Austin Sacco and Adam Mincberg of CBRE secured an $85 million floating rate bridge loan with a full, four-year term of interest only payments and extension options through its proprietary multifamily bridge lending program, MF1 Capital, LLC.
The lending vehicle launched in 2018 and was structured as a mortgage REIT focused on providing capital to multifamily (about 75% of its business) and seniors housing (the remaining 25%) owners. Limekiln Real Estate and Berkshire Group are CBRE’s strategic partners on the vehicle, which has no defined credit lock or cash flow requirements that would normally make it tough for communities still in lease-up to obtain bridge financing.
