Purchase by way of Punzel

Purchase by way of Punzel

by | Nov 2, 2016 8:30 am | Acquisitions | 0 comments

A regional owner/operator already with seven senior living communities located throughout California recently added another one to its portfolio. Sacramento-based Ray Stone Inc. bought a 102-unit independent living community in Redding, California, which was owned by a local operator. Despite being built 30 years ago, the community was 96% occupied and operated at a 46% margin on approximately $3.13 million in revenues. The purchase price came to $18.35 million, or $179,900 per unit, with a 7.8% cap rate. Kevin Randles and Aron Will of CBRE originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program to finance the acquisition. Jason Punzel of Senior Living... Read More »

San Diego Solution

by | Aug 12, 2016 1:22 pm | Financings | 0 comments

Aron Will of CBRE closed his latest transactions for two separate borrowers in the San Diego area. First, Mr. Will and Kevin Randles arranged a fixed rate Fannie Mae loan to refinance an 84-unit independent living community in San Diego. The owner/operator, Ray Stone Inc., had managed the community since 2005. Then, The Grant Companies refinanced the recently stabilized 102-unit independent/assisted living Phase II of its Ridge at Lantern Crest campus. Mr. Will worked with Bill Chiles and Scott Peterson on this transaction. CBRE also refinanced Phase I with a Freddie Mac loan back in 2014. Read More »