CBRE Senior Housing arranged a refinance for a portfolio of four senior living communities in the Seattle, Washington area. A joint venture between Capitol Seniors Housing and The Carlyle Group originally acquired the portfolio in 2016. Featuring a mix of independent living, assisted living and memory care services, with 368 units in total, the properties are located on in-fill sites in affluent submarkets. They average around 25 years in age. MBK Senior Living took over operations from Merrill Gardens after the 2016 acquisition and has overseen some significant capital improvements across the portfolio.
Five years ago, CBRE arranged more than $60 million in acquisition/renovation financing with a floating rate and five-year term. The proceeds of that transaction included a $51.9 million loan to support the acquisition and a loan of more than $8 million for planned capital improvements. Now, the CBRE team consisting of Aron Will, Austin Sacco and Matthew Kuronen has arranged a lower leverage bank refinance for the portfolio. Provided by a national bank, the debt totaled $49 million, or $133,150 per unit, and came with a five-year term, floating rate and 36 months of interest only.
