CBRE Sells Five Communities in the Great Lakes Area
Lisa Widmier of CBRE Senior Housing has sold a portfolio of five assisted living/memory care communities in the Great Lakes region. Appropriately called the “Great Lakes Portfolio,” these communities consist of 514 units in Michigan (with three locations) and Ohio (two locations). Occupancy fell below 50%, and not surprisingly, the portfolio was not making any money at the time of the sale. Lone Star Funds and alternative investment manager Hudson Advisors acquired the portfolio from an unnamed seller. The purchase price was not revealed, we have heard it may have exceeded $115 million, or more than $225,000 per unit. Considering how far occupancy needs to come to improve both margin and... Read More »
BMO Harris Funds Construction Project in North Carolina
BMO Harris Bank’s Healthcare Real Estate Finance business announced that it secured a $72.4 million construction loan for a senior living community in Charlotte, North Carolina. The Village on Morehead will feature 199 high-end independent and assisted living units in 12 stories. Bridgewood purchased the site for $11.5 million and will have its wholly-owned management group, Retirement Center Management, operate the community once it opens in 2023. CBRE arranged this loan through BMO Harris on behalf of a joint venture between Bridgewood Property Company and Harrison Street. CBRE originated a four-year, floating-rate loan with a full term of interest-only and extension options. Over the... Read More »
CBRE Finances New Senior Housing Construction in North Carolina
The Village on Morehead, a to-be-built, Class-A, 199-unit senior living complex in Charlotte, North Carolina, has secured construction financing courtesy of CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root. CBRE arranged this loan on behalf of a joint venture between Bridgewood Property Company and Harrison Street. This 12-story independent and assisted living community will be operated by Retirement Center Management (RCM), Bridgewood’s wholly-owned management group. The Carolinas Medical Center, North Carolina’s largest hospital, is located less than a mile from the community. CBRE originated a four-year, floating-rate loan with full term of interest only and... Read More »
CBRE Finances Active Adult Development in Chicagoland
A new active adult development that is set to break ground just received financing courtesy of CBRE and a national bank. Aron Will, Austin Sacco and Matthew Kuronen of CBRE Senior Housing partnered with CBRE Chicago’s Debt and Structured Finance’s John Parret and Peter Marino to arrange the $43 million construction loan. The to-be-built community is located in Chicagoland and will feature around 190 units. It is considered to be “A” quality, which we imagine are easier projects for lenders to get behind right now, especially with an active developer in the space. A national bank provided the loan, which comes with a five-year term, 42 months of interest only and a floating... Read More »Schedule a demo
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