CBRE National Senior Housing closed a HUD 232/223(f) refinance for Cordia at Grand Traverse Commons on behalf of a joint venture between Cordia Senior Living and Cypress Partners. CBRE had previously arranged financing for the community in 2017 and 2021.
Cordia at Grand Traverse Commons is a 110-unit independent living and assisted living community in Traverse City, Michigan. The community has a Home for the Aged license exemption, therefore, it is unlicensed and all of the beds/units are considered board and care. It will continue to be operated by Cordia.
The community is within the Village at Grand Traverse Commons, one of the largest historic preservation and adaptive reuse developments in the country. Initially built in 1883 as an asylum, a local developer transitioned the campus into a mixed-use neighborhood development in 2003. Cordia and Cypress re-purposed and converted the last section of the campus into IL/AL via historic tax credits in 2014.
CBRE National Senior Housing’s Debt & Structured Finance team consisting of Aron Will, Joshua Hausfeld and John Turner originated a $21.4 million HUD 232/223(f) loan via CBRE’s FHA Lending platform to pay off the existing loan. The loan has a 35-year, non-recourse, fully amortizing term.
