CBRE’s Two Latest Transactions
The CBRE team showed their strength in their latest two transactions. First, it was announced that not only did Lisa Widmier represent a publicly-traded REIT in its sale of a 120-unit assisted living community in Sterling Heights, Michigan to Chicago Pacific Founders, but Aron Will arranged the acquisition financing too. Through CBRE’s Freddie Mac Seller Servicer direct lending program, Mr. Will secured a $15.5 million, floating rate loan, with a 10-year term and 60 months of interest only. Chicago Pacific Founders’ wholly owned subsidiary Grace Management will take over operations. Separately, Mr. Will was joined by Kevin Randles to arrange a fixed-rate Fannie Mae loan in another deal.... Read More »
Chicago Pacific Founders Refinances Two Southwest Senior Living Communities
On the way to stabilizing its two senior living communities in Tucson, Arizona and Pahrump, Nevada, Chicago Pacific Founders refinanced with the help of Aron Will of CBRE. In 2016, its subsidiary CPF Living Communities acquired the two majority-independent living communities (with assisted living and memory care units as well) from two non-traditional seniors housing owners. Occupancy was low at the time, but Grace Management took over and improved operations, expecting them to fully stabilize by 2019. There are 140 independent living, 60 assisted living and 12 memory care units. CBRE secured a three-year floating-rate loan, with 36 months of interest only, from a debt fund to refinance... Read More »
CBRE Rocks Plymouth, Michigan Deal
After opening in 2017, and already filling up, a senior living community in Plymouth, Michigan (Detroit MSA) refinanced its construction debt with the help of Aron Will of CBRE. Developed by a joint venture between Boston-based private equity firm Blue Moon Capital Partners and Troy, Michigan-based operator Cedarbrook Senior Living, the community features 98 independent living, 43 assisted living and 41 memory care units, in addition to 19 IL cottages. It was developed at an approximate cost of $45 million, or around $225,000 per unit, which is slightly above the regional average for senior living communities of $215,000 per unit, according to our in-house database of developments dating... Read More »
CBRE Finances Change of Ownership at California Community
Just over a year after opening, a 130-unit senior living community in Folsom, California (Sacramento MSA) has already stabilized, leaving one of its partners to look for an exit. A joint venture between developer Tenfold (formerly Shamrock Holdings), operator Artēgan and a global investment manager originally opened the community in February 2017 and oversaw an impressive lease-up, topping 90% occupancy. Featuring independent living, assisted living and memory care services, the community offered a continuum of care approach unique to its local market, which surely helped fill units. But the global investment manager partner sought an exit, and AEW Capital Management took its place. Aron... Read More »Schedule a demo
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