CBRE closed a bridge-to-HUD refinance for two seniors housing communities on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living. Both communities are in Ohio: The Gardens at Cuyahoga Falls features 130 units and 152 beds of assisted living and memory care in Cuyahoga Falls, and The Gardens at Liberty Park comprises 115 AL/MC units with 132 beds in Streetsboro.
Aron Will, Joshua Hausfeld, Adam Mincberg and John Turner originated the bridge-to-HUD loan via CBRE’s proprietary bridge lending platform to pay off the existing loans and fund further capital improvements. The bridge loan will enable the joint venture to complete renovations to increase operational performance across the communities. It is expected to be taken out with two separate HUD loans via the HUD 232/223(f) refinance program in the coming months.
