Green Court buys Arbour Square
A fund sponsored by Green Courte Partners bought Arbour Square of Harleysville, a 276-unit independent living community located about 35 miles north of downtown Philadelphia. The first phase of the property was built in the affluent, high barrier-to-entry market in 2006 (with 151 units), while the remaining 125 units were added in 2014. The newest units were already coming out of lease-up by the time acquisition financing was originated for Green Courte. Through Freddie Mac’s seller servicer direct lending program, Aron Will of CBRE secured a $39.9 million fixed-rate loan with a 10-year term and 72 months of interest-only payments. Heritage Senior Living stayed on to operate the... Read More »
Iron Will
We can’t go long without seeing another Aron Will (of CBRE) transaction, or two. The first of his latest deal duo took place in California when a joint venture between Auctus Capital Partners and Och-Ziff Capital Management acquired a 54-unit assisted living/memory care community in San Francisco. Located on an irreplaceable site, the building was originally built it 1923 as a hospital but was purchased by a Mom & Pop in the 1990s who then converted it to senior care. It has some underutilized “dead space” that the JV will convert to add significantly more assisted living and memory care units. Plus, Auctus and Och-Ziff will make some cosmetic improvements to help drive operations,... Read More »
Arbor Acquisition
Aron Will is at it again. Through a national bank, Mr. Will of CBRE secured a $38.9 million five-year bridge loan, with three years of interest only and a sub-200 basis point spread over 30-day LIBOR, for an institutional client. The financing went towards funding the acquisition of The Arbor Terrace Portfolio, which includes two 101-unit assisted living/memory care communities (each with 71 AL and 30 MC units) in the Atlanta, Georgia market. Both communities opened in the fourth quarter of 2015 and are leasing well. The Arbor Company manages the portfolio. Read More »Keeping the pace
Aron Will of CBRE had yet another prolific month (after an already busy 2015), closing four transactions. Included in his totals were two acquisition financings (for the MorningStar Senior Living Colorado portfolio and Capitol Seniors Housing’s Seattle-area acquisition) already detailed in previous weeks. Mr. Will also recently arranged a $32.3 million 10-year Fannie Mae loan, with a fixed interest rate and 54 months of interest-only. The borrower, Westmont Living, will use the funds to refinance its 138-unit independent/assisted living community in Chico, California. Already with a 94% occupancy rate at the community, Westmont may look to convert a number of units to memory care in order... Read More »Schedule a demo
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