Palm Springs Community Receives Construction Financing
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing for a luxury LGBTQ-targeted active adult community in Palm Springs, California. The $42 million loan was arranged on behalf of a joint venture between a group of high-net-worth investors and KOAR International, Inc. This nine-acre community is the first of its kind, as no other LGBTQ-orientated active adult communities exist in the market today. It will feature 122 units and a movie theater, card room, game room, salon, massage rooms, fitness center, craft rooms and a community room with additional dining. Outdoor amenities include a putting green, rose garden, resort-style pool... Read More »
CBRE Refinances Michigan Community
CBRE Senior Housing arranged non-recourse financing for a 110-unit independent/assisted living community in Traverse City, Michigan. Aron Will, Austin Sacco and Tim Root arranged the transaction on behalf of a joint venture between Cordia Senior Living and Cypress Partners. CBRE had previously arranged three-year financing for the community in 2017, which surely smoothed out the process. Initially built as an asylum in 1883, the building was converted to seniors housing by the Cordia/Cypress joint venture in 2014. It is located in the Village at Grand Traverse Commons, a large historic preservation and adaptive reuse development that began redevelopment from its asylum past into a... Read More »
CBRE Refinances Seattle-Area Seniors Housing Community
Five years after acquiring a Seattle-area senior living community, a joint venture between Capitol Seniors Housing(CSH) and a large university endowment refinanced the property. Aron Will of CBRE helped fund both the acquisition and this current transaction. He was joined by Austin Sacco and Adam Mincberg on the refinance. Purpose-built in phases in 2000 and 2004, the community features 106 units of assisted living and memory care. Located in Mukilteo it was 90% occupied (and rising) when CSH purchased the property from a local operator in late 2015 for $29.125 million, or $215,300 per unit. CBRE secured a five-year, $20.12 million loan from a national bank to fund the deal,... Read More »
CBRE Arranges Bridge Loan in Washington
CBRE Senior Housing’s Aron Will, Austin Sacco and Adam Mincberg arranged a $10 million floating-rate bridge loan on behalf of a joint venture between Capitol Senior Housing and a large university endowment. Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle, Washington, will receive the financing. Built in 2006, the community features amenities including a beauty salon, library and fitness center. Integral Senior Living will operate the community. The loan has a two-year term with full-term interest only and extension options and originated through CBRE’s proprietary multifamily bridge lending program, MF1 Capital,... Read More »Schedule a demo
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