High-acuity community to be built

by | Oct 14, 2015 8:30 am | Developments, Financings | 0 comments

Aron Will, together with Jim Sellers and Tim Prouty, of CBRE arranged a $25.03 million construction loan for a joint venture between The Freshwater Group and Kayne-Anderson to build a 129-unit/135-bed senior care community in Tucson, Arizona. The loan, placed through a regional bank, featured a three-year floating rate term which then converts to a three-year mini-perm loan. Kayne-Anderson will provide institutional equity for the project, while Watermark Retirement Communities will operate the finished community, which will consist of five buildings with assisted living, memory care and skilled nursing services. For the assisted living, it will be fully licensed Directed Care, the highest... Read More »

CBRE arranges financing for 15-CCRC portfolio

by | Jun 17, 2015 8:51 am | Financings | 0 comments

Aron Will, Mitchell Kiffe and Matthew Whitlock of CBRE arranged $410 million in financing on behalf of NorthStar Healthcare Income and The Freshwater Group/Watermark Retirement Communities to purchase a portfolio of 15 rental and entrance fee CCRCs. The seller, Fountains Senior Living, a subsidiary of Arcapita, had previously hired Watermark as the day-to-day operator of the portfolio, which consists of six entrance-fee and nine rental CCRCs with 3,663 total units (with 2,330 independent living units, 945 assisted living units, 156 memory care units and 320 skilled nursing beds in 232 rooms). NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group, pursuant... Read More »