CBRE secured financing for a Class-A seniors housing community in North Dakota on behalf of a joint venture borrower. Built in 2017, New Perspective West Fargo is in Fargo, one mile from Sanford Medical Center, North Dakota’s newest and largest medical center. The community features 128 independent living, assisted living and memory care units and is managed by New Perspective Senior Living.
The joint venture borrower includes New Perspective, Boldt Real Estate Development and Fengate Asset Management. New Perspective develops, invests and operates senior living communities, with a portfolio of 40 communities in Minnesota, Wisconsin, Illinois, Indiana and North Dakota. Boldt is a real estate development and investment division of The Boldt Group. New Perspective and Boldt, known together as Purpose First Partners, have developed and/or acquired 20 communities. Meanwhile, Fengate is an alternative investment manager focused on infrastructure, private equity and real estate strategies with $6 billion of capital commitments under management.
Aron Will and Tim Root of CBRE sourced the loan, which has a sub-300 spread through a bank syndication.
