Cushman & Wakefield Senior Housing Capital Markets, in collaboration with Bridge Structured Finance, successfully refinanced a large CCRC in Venice, Florida (near Sarasota) on behalf of its owners, joint venture partners Bridge Investment Group and Freedom Management. Over four years ago, C&W originally arranged a $52 million secured term loan and a revolving line of credit from Capital One to both recapitalize the property and provide for future renovations.
Built in phases from 1999 to 2015, the property currently features 436 independent living, 19 assisted living and 36 memory care units across four main buildings, in addition to 47 separate villas. Residents have both entrance-fee and rental options, in addition to units that they can individually own. To refinance the community debt, C&W’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer arranged financing from Ally Bank. Messrs. Rosenzweig and Hosmer also worked on the 2015 transaction.
