Transactions & Financings: Chicago Pacific Founders, CBRE – Senior Housing News
MidCap Closes First Mortgage Loan for Florida Community
MidCap Financial, a commercial finance firm that concentrates on middle-market transactions, recently closed a transaction with Zon Living Concepts, LLC. The senior housing and senior care company owns and operates Zon Beachside, a Class A assisted living and memory care community in Indian Harbour Beach, Florida.
The $19.4 million floating rate first mortgage loan will pay off existing first mortgage and mezzanine debt, finance the purchase of an adjacent structure, and finance the construction of an additional 31 units at the community to bring the total unit count to 115 units.
Chicago Pacific Founders Purchases Senior Housing Community in Liverpool, New York
Chicago Pacific Founders (CPF) and its subsidiaries—Grace Management, Inc. and CPF Living Communities—recently acquired Parkrose Estates, a 100-unit senior housing community in Liverpool, New York.
Consequently, Parkrose Estates will be operated by Grace Management, Inc.
Terms of the deal were not disclosed.
CBRE Arranges Construction Financing for Senior Housing Community in Houston, Texas
Aron Will, vice chairman of CBRE National Senior Housing, and Austin Sacco, vice president of CBRE National Senior Housing, recently arranged construction financing on behalf of a joint venture between real estate investment management firm Harrison Street Real Estate Capital LLC and Bridgewood Property Company for The Village of Southampton, a 17-story, to-be-built, 204-unit independent living, assisted living and memory care community in Houston, Texas.
Specifically, CBRE secured a $59 million, five-year, interest-only loan from two national banks. Retirement Center Management (“RCM”), Bridgewood’s wholly owned management affiliate, will manage the community. RCM currently manages a portfolio of 18 senior housing assets.
Houston-based Bridgewood’s current portfolio of developed properties includes The Village at Meyerland, The Village of River Oaks, The Village at The Triangle, The Village of The Heights, The Village of Tanglewood and The Village of Onion Creek.