PLYMOUTH, Minn. — CBRE has arranged $16.3 million in financing for a joint venture between The Waters Senior Living and an institutional investor. The borrowers will use the capital to acquire The Waters of Plymouth, an 89-unit assisted living and memory care community in the Minneapolis suburb of Plymouth.
The Class A community, which The Waters developed and operates, includes 61 assisted living units and 28 memory care units.
Aron Will, vice chairman of CBRE National Senior Housing, arranged the three-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the capital.
Headquartered in Minnetonka, The Waters is a developer, owner and operator of 10 Class A seniors housing communities totaling 1,233 units in Minnesota, Wisconsin, Pennsylvania and Ohio.