CBRE’s Aron Will and Michael Cregan closed a $45.5 million acquisition loan for a joint venture between an institutional investor and its operating partner. The acquired Class-A community is located in the Southeast. CBRE also handled the sale of the community. Separately, the CBRE team closed a nine-figure cash-out refinance for an undisclosed client.
The transactions come after the closing of acquisition financing for Belmont Village Aliso Viejo. Aron Will and John Sweeny represented the joint venture seller in the deal, while Will and Matthew Kuronen arranged the acquisition loan from a national bank. The loan came with a four-year term, a full term of interest only and a floating rate. A joint venture between Belmont Village Senior Living and Harrison Street Asset Management bought the asset for an undisclosed price. But considering the affluent market and the high-quality Belmont Village brand, we believe it was a high price.
Belmont Village Aliso Viejo was built in 2019 and encompasses 3.4 acres and features a 123,800-square-foot-building. It consists of three stories with a total of 156 units, including assisted living and memory care units. Community amenities include professionally supervised fitness programs, social and enrichment activities, screening room, and bistro, among others. It is currently operated by Belmont Village, which will stay on post closing.
