CBRE’s Late-Summer Surge
CBRE’s Aron Will has been on a roll lately, having just closed his fifth transaction in under a month. The latest helped fund the acquisition of four seniors housing communities in the Louisville, Kentucky and Indianapolis, Indiana MSAs. They actually represent the stabilized properties within a seven-property portfolio acquisition (totaling 688 units) that CBRE also provided financing for. Totaling 360 units, of which 278 are dedicated to assisted living and the remainder to memory care, the stabilized portfolio has been third-party managed by LCS since 2015 and will continue to be. The buyer, a joint venture between LCS and TH Real Estate, the real estate private equity affiliate of... Read More »
Family Finds Freddie Mac Financing Through CBRE
Working on behalf of The Powell Family, an active developer/operator of single family, multifamily, retail/commercial and seniors housing in the Seattle, Washington area, Mark Capeloto and Aron Will of CBRE arranged Freddie Mac financing for their 167-unit senior living community in Federal Way. Situated on 12.87 acres, the community offers independent living and assisted living services in two main buildings and 30 cottages that feature one- and two-car garages. The property is also located less than one mile from St. Francis Hospital, part of one of the largest health care systems in the Puget Sound area. CBRE structured a $21.6 million floating-rate loan, with a seven-year term and 36... Read More »
KeyBank Closes Two Fannie and Freddie Financings
Charlie Shoop of KeyBank Real Estate Capital has been hard at work arranging two financings from two different agencies. First, through Freddie Mac, Mr. Shoop originated a $26 million loan to facilitate the acquisition of a 175-unit independent living community in Dallas, Texas. The floating-rate loan came with a seven-year term, four-year interest only period and 30-year amortization schedule. Its recipient was Chicago Pacific Founders, which purchased the nine-year old community from Capitol Seniors Housing (CSH) for an undisclosed price. CSH had originally bought the property in 2016 when it was around 95% occupied and operating well. At the time, CSH had plans to invest in some capital... 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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