HOUSTON, Texas— CBRE Capital Markets’ debt and structured finance team has arranged $49.7 million in construction financing for The Village of River Oaks, a 195-unit, Class A senior housing community to be built in Houston.
Located at 1015 South Shepherd Drive, the community will include a combination of independent living, assisted living and memory care. An affiliate of Bridgewood will operate the community. Construction is scheduled to begin during the third quarter of 2015.
CBRE secured a six-year floating-rate loan, which includes interest-only for four years at an all-in-rate of 2.33 percent. A regional bank provided financing.
Aron Will and Austin Sacco of CBRE’s Houston office arranged the financing on behalf of the borrower, a joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital.