CBRE National Senior Housing arranged the sale and acquisition financing for Andara Senior Living, an independent and assisted living community in Scottsdale, Arizona. This transaction was CBRE’s third financing of the community, having previously arranged acquisition financing on behalf of the current seller (real estate investment firm Reliant Group) in 2012 and an agency refinance in 2018. Reliant decided to turn over its asset into the hands of a joint venture between Colonial Oaks Senior Living and Fortress Investment Group.
Built in 2010, the community consists of 170 total units spread across a campus of two, three-story residential wings interconnected by a covered walkway. Through its Freddie Mac Optigo lending platform, CBRE National Senior Housing facilitated the assumption of the previously originated $37 million fixed-rate loan on behalf of the buyers. The CBRE Investment Sales Team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented Reliant Group in the sale, while the CBRE Debt & Structured Finance Team consisting of Aron Will, Austin Sacco and Adam Mincberg financed the community for the buyer.
