Aron Will Closes Two More Financings
Heading into the Thanksgiving holiday, Aron Will of CBRE certainly had a bountiful month, closing nearly $80 million in two transactions. First, working on behalf of joint venture partners Harrison Street Real Estate Capital and The Springs Living®, Mr. Will arranged a $66.4 million construction loan to fund the construction of a 216-unit senior living community in Lake Oswego, Oregon (Portland MSA). A pair of national banks provided the floating rate loan, which came with a four-year term and 48 months of interest only. Using a conservative loan-to-value for the project, that would result in a per-unit value most likely above $400,000. The property’s location in one of the most affluent... Read More »
Fannie Mae Origination in Oregon
Almost five years after taking over the operations of a 92-unit senior living community in the town of The Dalles in northern Oregon, family-owned The Springs Living has become its sole owner, thanks to a $17.5 million Fannie Mae refinance arranged by Capital One’s Dague Retzlaff and Mark Bultman. Harrison Street Real Estate Capital bought the community as part of a four-property, 419-unit portfolio in November 2012 for a total of $65 million, or $155,130 per unit, and brought in The Springs to operate. At the time, the portfolio was 89% occupied and operated at a 26% margin on $15.65 million of revenues. We believe Harrison Street has since added value to the property, as it typically... Read More »Schedule a demo
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