Harrison Street/Revera Joint Venture Acquires Four Communities
Harrison Street is expanding its presence north of the border, announcing a joint venture with Revera Inc. to acquire four high-quality senior living communities in southern Ontario. Comprising three communities around Toronto and one in Cambridge, the portfolio consists of 537 total units of senior apartments, independent living, assisted living and memory care. Revera will continue to operate the communities going forward. As part of the transaction, the JV will share ownership of the portfolio, but no ownership share or purchase price was disclosed. The deal marks the third investment by Harrison Street’s recently launched Canada Alternative Real Estate Fund, which has the initial... Read More »
CBRE Finances Harrison Street/Anthology Joint Venture
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing on behalf of a joint venture between Anthology Senior Living and Harrison Street. The five-year floating rate loan with 42 months of interest only was provided through a regional bank for Anthology Boynton Beach, a 130-unit senior living community in Boynton Beach, Florida. It comprises 98 assisted living units and 32 memory care units on 5.3 acres within a larger planned development named Main Street at Boynton. The to-be-built community will be operated by Anthology Senior Living, a seniors housing-focused subsidiary of CA Ventures. Amenities will include a fitness center, spa,... 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 »
PGIM Provides Financing For Harrison Street Acquisition
The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas. Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and... Read More »Schedule a demo
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