CBRE Handles Sarasota-Area Sale and Financing
It was all hands on deck at CBRE for the sale of an Englewood, Florida (Sarasota MSA) senior living community. We wrote about the deal earlier this week when Chicago Pacific Founders (CPF) announced its acquisition of the property. Featuring 118 units of assisted living and memory care, this community opened in 2017. It is located just minutes from the water and a number of shopping centers and medical facilities. There is also an adjacent 50-acre plot that CPF also acquired to add independent living units and cottages. After leasing up at a rate of approximately six move-ins per month until stabilizing in 2019, the community was 93% occupied at the time of closing. Grace Management will... Read More »
Bellwether Enterprise Secures Freddie Mac Financing
Bellwether Enterprise Real Estate Capital closed a cash-out refinance for a large active adult community in Placentia, California. Owned and operated by Mesa Management, Emerald Isle features a total of 422 units, with both one- and two-bedroom options ranging in size from 588 to 1,128 square feet. There are also numerous amenities, from a fitness center and clubhouse to a putting green and heated swimming pool/spa. It was built in 2004. Working through Freddie Mac, Bellwether Enterprise’s Jason Krupoff originated $82.487 million in financing for the property. The 10-year loan includes five years of interest only at an interest rate below 3% and was underwritten at a 60% loan-to-value... Read More »
CBRE Returns to Harleysville for Supplemental Freddie Mac Financing
Fresh off their closing of a portfolio financing for three California senior living communities owned by Carlton Senior Living, the CBRE team of Aron Will, Austin Sacco and Tim Root has closed another transaction, this time across the country in Harleysville, Pennsylvania. Mr. Will was already familiar with this property, having funded its 2016 acquisition with a $39.9 million Freddie Mac financing on behalf of the buyer, Green Courte Partners (GCP). Built in two phases in 2006 (151 units) and 2014 (125 units), the independent living community filled up quickly and has performed well since then. It was originally operated by Heritage Senior Living, then by GCP’s wholly owned... Read More »
CBRE Closes Financing For Carlton Senior Living Portfolio
The CBRE team has certainly kept busy lately, closing a number of transactions since the outbreak of COVID-19 including a $200+ million cash-out refinance of three luxury senior living communities in lease-up, a non-recourse construction loan for a to-be-built community in California, and four agency loan closings. More recently, the team that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg refinanced a portfolio of three senior living communities in the San Francisco Bay area on behalf of Carlton Senior Living. The three communities consist of 315 total units, split between 251 assisted living and 64 memory care units. Two of the communities are located in Pleasant... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
