LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas.
The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community.
Aron Will of CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing was not disclosed.