CBRE Arranges Financing for Two Communities in Connecticut
CBRE National Senior Housing Vice Chairman Aron Will recently secured construction financing on behalf of a joint venture between Chicago-based real estate investment holding company CA Ventures and a global investment manager for two properties known as Farmington Senior Living and Simsbury Senior Living.
The properties comprise two high-quality senior housing communities with 240 units in total located in Farmington, Connecticut, and Simsbury, Connecticut. Both of the communities have 40 memory care and 80 assisted living units.
For both of the communities, CBRE secured five-year floating rate loans with 42 months of interest only from the same regional bank.
Integral Senior Living is set to manage the assets under a third-party management agreement.
CA Ventures has acquired or developed 18 senior housing communities across the country totaling more than 1,999 units.
Clearwater Living Acquires California Community from The Wolff Company
Clearwater Living recently purchased Clearwater at Riverpark, a brand-new independent living community in Ventura County, California, from The Wolff Company. The purchase price was not disclosed.
The 136-unit community is next to The Collection at Riverpark, a 600,000-square-foot lifestyle retail center.
“The closing of this acquisition marks an important milestone for Clearwater Living,” Tony Ferrero, CEO of Clearwater Living, said in a press release. “While Clearwater Living currently manages eight other senior living communities and has several of its own assets under development, we’re thrilled to add Clearwater at RiverPark to the portfolio as our first owned community that is now open.”
Before the acquisition was competed, Clearwater Living operated the property for The Wolff Company, handling pre-leasing activities, moving into the on-site sales office and welcoming the first residents into the building.
“We have partnered with The Wolff Company to manage their independent living communities in California, Colorado, Nevada, Washington, Idaho and Oregon.” Ferrero added. “As part of Clearwater’s strategic growth plan, it has always been our intention to purchase RiverPark as well as acquire and develop other best-in-class communities throughout the western United States.”
Solinity Partners to Manage CaraVita Village in Alabama
Knoxville, Tennessee-based senior living owner/operator Solinity has partnered with Terry Scott, CEO of Sierra Cove Group of Companies, to manage CaraVita Village, Scott’s newly purchased community in Montgomery, Alabama.
The partnership represents the first community management project for Solinity.
“There is a big gap in the market when it comes to affordable senior living, and we are excited to bring this new concept to seniors in Montgomery,” Crisp said in the press release. “Right now, middle-class seniors do not have housing options that incorporate high-quality amenities, concierge services and the lifestyle they desire. Our industry needs to cater to this group—especially with more boomers retiring—and this is the first step toward reaching seniors who would not have these options otherwise.”
Arbor Realty Trust to Make Public Offering of Common Stock
Real estate investment trust (REIT) Arbor Realty Trust, Inc. (NYSE: ABR) plans to make a public offering of 5.5 million shares of its common stock.
In connection with the offering, Arbor plans to grant the underwriter a 30-day option to buy up to an extra 825,000 shares of its common stock.
The REIT expects to use the net proceeds from the offering to make investments associated with its business and for general corporate purposes.
JMP Securities is acting as the only book-running manager for the offering.
Written by Mary Kate Nelson