CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing for a luxury LGBTQ-targeted active adult community in Palm Springs, California. The $42 million loan was arranged on behalf of a joint venture between a group of high-net-worth investors and KOAR International, Inc.
This nine-acre community is the first of its kind, as no other LGBTQ-orientated active adult communities exist in the market today. It will feature 122 units and a movie theater, card room, game room, salon, massage rooms, fitness center, craft rooms and a community room with additional dining. Outdoor amenities include a putting green, rose garden, resort-style pool and two bocce ball courts. The property will contain a full-service restaurant and piano bar which will be run by two celebrity chefs.
The financing includes a non-recourse, four-year loan with full-term interest-only and an extension option through a national bank. Living Out Management, LLC, a KOAR affiliate, will operate the community.
