CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing on behalf of a joint venture between Anthology Senior Living and Harrison Street.
The five-year floating rate loan with 42 months of interest only was provided through a regional bank for Anthology Boynton Beach, a 130-unit senior living community in Boynton Beach, Florida. It comprises 98 assisted living units and 32 memory care units on 5.3 acres within a larger planned development named Main Street at Boynton. The to-be-built community will be operated by Anthology Senior Living, a seniors housing-focused subsidiary of CA Ventures.
Amenities will include a fitness center, spa, salon, game room, theater, chapel and an activities room. Plus, Anthology Boynton Beach is located near medical facilities including Bethesda Hospital West and Bethesda Hospital East.
CBRE is financing just a portion of a larger-scale joint venture between Harrison Street and Anthology Senior Living. The two firms are working to develop three communities in Florida and Massachusetts, including other developments in Natick and Millis, Massachusetts.
Harrison Street and CA Ventures are no strangers to one another, as they have collaborated on student housing projects together since 2008. We know Harrison Street is obviously bullish on seniors housing, having spent $1.2 billion on a portfolio of 24 seniors housing communities in June. We expect to see more senior housing joint ventures from the duo, as they indicated they are evaluating future growth opportunities in this industry following success in the student housing market.
