Senior Housing Finance Activity: CBRE, Grandbridge Real Estate Capital

CBRE Arranges Acquisition Financing for CA Ventures, Construction Financing for Belmont Village 

Houston-based CBRE Capital Markets has arranged a portfolio acquisition financing on behalf of a joint venture between Chicago-based real estate investment holding company CA Ventures and a global investment manager for the CA Senior Living portfolio.

The portfolio consists of four senior housing communities totaling 440 units located in Chicago and Kansas City, of which 285 are assisted living and 155 are memory care. All four senior housing communities were developed by CA Ventures, and are newly built and delivered between 2016 and 2017.

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Aron Will, vice chairman of CBRE National Senior Housing, arranged the loan. The company was able to secure a non-recourse, three-year floating rate loan with 36 months of interest only.

Similarly, Will also arranged construction financing on behalf of a joint venture between Houston-based senior housing operator Belmont Village Senior Living and Boston-based real estate investment advisory firm Blue Moon Capital Partners.

The financing will be used for Belmont Village Aliso Viejo, a to-be-built, Class A, 157-unit assisted living and memory care community that will be located in Aliso Viejo, California.

CBRE secured a non-recourse, four-year floating rate loan from a regional bank. Upon completion, the property will be operated by Belmont Village. 

Grandbridge Closes $14.5 Million Loan for Senior Housing Community in Kansas City, Missouri

Charlotte, North Carolina-based Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has facilitated the closing of a $14.5 million first mortgage loan secured by McCrite Plaza at Briarcliff, a 163-unit senior housing community in Kansas City, Missouri. 

The refinance, funded through one of Grandbridge’s insurance company relationships, was originated by Grandbridge’s Kansas City-based Senior Vice President Joseph Platt, and Seniors Housing and Healthcare Finance Team Senior Vice President Richard Thomas and Vice President Meredith Davis.

Ziegler Closes $67 Million Financing for Vermont Life Plan Community

Ziegler, a Chicago-based specialty investment bank, has closed on the $67.09 million Series 2017A-C financing for Wake Robin Corporation, a Shelburne, Vermont-based life plan community, consisting of 212 independent living units, as well as a health care center consisting of 51 skilled nursing units and 31 residential care units.

The proceeds of the Series 2017A fixed rate bonds, together with other available funds, were used to: refinance all of Wake Robin’s Series 2006B Bonds; finance a portion of the expansion of Wake Robin; pay the costs of issuing the Series 2017A Bonds; and fund a debt service reserve fund for the Series 2017A Bonds.

The proceeds of the Series 2017B&C Bank Direct Placement Bonds, together with other available funds, were used to finance the remaining portion of the expansion of Wake Robin, as well as pay the costs of issuing the Series 2017B&C Bonds. M&T Bank was the purchaser of the Series 2017B&C Bonds, and Greenbrier Development acted as development consultant on the project.

The new money portion of the financing will be used for the construction of 38 independent living units, the renovation of the common areas and the existing skilled nursing facility, and the construction of 10 new residential care units, as well as six new skilled nursing units at Wake Robin. 

Brookhaven IDA Approves Economic Benefits Package for New York Assisted Living Community 

Frederick C. Braun, III, chairman of the Town of Brookhaven Industrial Development Agency (IDA) based in Farmingville, New York, has approved a package of economic incentives for an affiliate of Yonkers, New York-based AVR Realty Co. for a $27 million assisted living community at the company’s mixed-use development in Yaphank, New York, known as The Reserve at the Boulevard.

The benefits package for Yaphank AVR Boulevard Chelsea LLC, supported by the Longwood Central School District, was approved by the IDA in June and ground was recently broken for the project.

The 118-bed facility will be housed in two buildings totaling 99,492 square feet, including a 77-bed unit for special needs and memory care, and a 41-bed supportive care unit. It will employ 40 full-time workers and 20 part-time workers. Construction of the Yaphank facility is expected to generate 125 construction jobs. 

Written by Carlo Calma

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