CBRE Senior Housing arranged non-recourse financing for a 110-unit independent/assisted living community in Traverse City, Michigan. Aron Will, Austin Sacco and Tim Root arranged the transaction on behalf of a joint venture between Cordia Senior Living and Cypress Partners. CBRE had previously arranged three-year financing for the community in 2017, which surely smoothed out the process.
Initially built as an asylum in 1883, the building was converted to seniors housing by the Cordia/Cypress joint venture in 2014. It is located in the Village at Grand Traverse Commons, a large historic preservation and adaptive reuse development that began redevelopment from its asylum past into a mixed-use neighborhood in 2003. The seniors housing community had never dipped below 86% occupancy throughout the pandemic.
CBRE secured a $20.8 million non-recourse, three-year loan with 24 months of interest only. Post-close, the property will still to be operated by Cordia.
