CBRE Refinances Luxury Texas CCRC
Four years after he arranged construction financing for a to-be-built rental CCRC in Houston, Texas, Aron Will of CBRE is refinancing the property on behalf of its owners, joint venture partners Bridgewood Property Company and Harrison Street Real Estate Capital. Located in the affluent Houston neighborhood of River Oaks, the property opened in 2017 with 198 units, the majority being independent living, with assisted living and memory care units too. Bridgewood’s wholly-owned management affiliate, Retirement Center Management, operated the community since inception. In 2015, Mr. Will had arranged a $49.7 million floating-rate loan, with a six-year term, 48 months of interest only and an... Read More »
CBRE Closes Two Bank Financings for Senior Living Clients
Aron Will of CBRE ended July with two bank financings for senior living clients in three states. First, in Texas, he was joined by Austin Sacco and Adam Mincberg to refinance two 76-unit assisted living/memory care communities in Boerne (San Antonio MSA) and Round Rock (Austin MSA). Both properties were developed by a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties in 2017, and have been managed by Franklin Development’s operating affiliate. To refinance the original construction debt, CBRE secured a three-year, floating-rate loan with 24 months of interest only from a national bank. Then, that CBRE trio was joined by Tim Root to refinance... Read More »
Harrison Street Refinances White Bear Lake Community
Cushman & Wakefield acted as the exclusive advisor to a joint venture between The Waters Senior Living and Harrison Street Real Estate Capital on the refinance of their 136-unit senior living community in White Bear Lake, Minnesota. Developed in 2016, this community provides independent living, assisted living and memory care services under The Waters brand. The C&W team of Jay Wagner, Sam Dylag and Jack Griffin brought the owners together with the lender, BMO Harris Bank, which provided the $24.3 million loan to take out the original construction financing. Derek Zeller, Imran Javaid and Brian Vis made up the BMO team on the transaction. Read More »
Harrison Street Exits Oregon Assets
The Springs Living successfully recapitalized its exiting equity partner, Harrison Street Real Estate Capital, in a couple of senior living communities with the help of a bank loan secured by Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing. Originally acquired as part of larger $65 million four-property portfolio in 2012, these two properties are located within the Portland, Oregon MSA. With an average age of about 15 years, they currently feature a total of 145 independent living, 82 assisted living and 41 memory care units. The Springs (TSL) and Harrison Street had invested a significant amount of capital into the properties to make them the top competitors in... Read More »