After originally financing the acquisition of a seniors housing community in The Woodlands, Texas, CBRE National Senior Housing returned to refinance the property on behalf of the Saudi Economic and Development Company (SEDCO Capital) and Madison Marquette. The Village at Woodlands Waterway was built in 2011 on a 2.66-acre site with 116 independent living, 63 assisted living and 28 memory care units. It is located in the center of The Woodlands along “The Waterway” that connects to all of the area’s main attractions, entertainment, shopping and hospitality.
Seven years ago, CBRE handled the property’s sale from Harrison Street and Bridgewood Property Company and originated $55.2 million in fixed-rate debt from Fannie Mae, which included 36 months of interest only at an all-in rate of 3.31%. Now, CBRE’s Aron Will, Austin Sacco and Tim Root secured a $54.4 million, non-recourse, Shariah-compliant loan with a three-year, interest-only term and a floating rate. The loan was secured through a debt fund. LCS has managed the community since 2017 and will continue to do so.
