STERLING HEIGHTS, Mich. — Chicago Pacific Founders has acquired Shorehaven Senior Living, a 120-unit independent living and assisted living community in the Detroit suburb of Sterling Heights, for an undisclosed price.
Chicago Pacific Founders made the purchase in partnership with its subsidiaries CPF Living Communities and Grace Management. The seller was an undisclosed publicly traded REIT.
Situated on approximately six acres, the community was 90 percent occupied at the time of sale.
The new owner plans to invest in improvements to the campus. Grace Management will take over operations.
Lisa Widmier of CBRE National Senior Housing represented the seller while Aron Will of CBRE National Senior Housing arranged the acquisition financing. The $15.5 million Freddie Mac loan features a 10-year term, floating rate and 60 months of interest-only payments.