Transactions & Financings: CBRE’s $92 Million Refinancing; Merchants Capital’s $50 Million Bridge Loan

CBRE completes $92 million refinancing of California senior housing portfolio

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg, along with CBRE Multifamily Institutional Group Vice Chairman Andrew Behrens, completed a portfolio refinancing on behalf of DeNapoli Capital Partners (DCP) for a five-property, 560-unit senior housing portfolio in the Los Angeles and Sacramento markets.

Integral Senior Living (ISL) manages three communities located in Los Angeles and Westmont Senior Living manages two communities in Sacramento.

CBRE Multifamily Capital originated the $91.8 million 10-year structured ARM loan through its Fannie Mae loan origination program. The package carries five years of interest only.


Merchants Capital arranges $50 million bridge financing for Ohio assisted living portfolio

Merchants Capital President Michael Drury arranged nearly $50 million in bridge financing for a three-property assisted living portfolio in Ohio.

The three communities are:

  • The Ashford at Mt. Washington, a 108-unit community in Cincinnati, received $13 million
  • The Ashford on Broad, a 131-unit community in Columbus, received $16 million
  • The Ashford on Sturbridge, a 124-unit community in Hilliard, a suburb of Columbus, received $20 million

Merchants secured the financing on behalf of Wallick Communities, which develops affordable assisted living and memory care communities. The bridge financing allows the communities to continue leasing and reach the required time beyond construction completion in order to be eligible to be insured by the Federal Housing Administration.


Cushman & Wakefield brokers $20 million Texas senior living campus sale

Cushman & Wakefield Senior Housing Executive Director Allen McMurtry, Senior Director Paul Carr and Director David Kliewer represented an affiliate of Addison, Texas-based Senior Quality Lifestyles Corporation (SQLC) in the $20.35 million disposition of Mirador, a 228-unit senior living campus in Corpus Christi, Texas.

The buyer was an affiliate of Methodist Retirement Communities, based in The Woodlands, Texas.

Mirador includes 125 independent living apartments, 44 assisted living units, 18 memory care units and 41 skilled nursing units, and was 82% occupied at the time of sale.

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Arbor Realty Trust provides $7.5M loan for Connecticut assisted living & memory care community

Arbor Realty Trust (BYSE: ABR) arranged a $7.5 million refinancing package for Meadow Mills, a 60-unit assisted living and memory care community in Hamden, Connecticut.

The loan’s proceeds were used as a cash-out for investors based on the borrowers effectively executing its business plan to increase revenue since acquisition, while securing longterm debt at a favorable rate.

Capital Square 1031 acquires Houston-area memory care facility

Capital Square 1031, a firm specializing in 1031 real estate exchanges, acquired a 10,000 square-foot memory care facility in Kingwood, Texas, a suburb of Houston. Bear Real Estate advisors advised Capital Square on the transaction.

The facility includes 16 beds and is leased on an absolute net basis to Village Green Alzheimer’s Care Home, an operator of memory care facilities in greater Houston.

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