FAIRFAX, Va. — CBRE has arranged $65.2 million in financing for the acquisition of The Virginian, a 306-unit continuing care retirement community (CCRC) in Fairfax. BMO Harris Bank’s Healthcare Real Estate Finance group provided the capital
The borrower is Focus Healthcare Partners, which plans to lease the community to Life Care Services (LCS) under a third-party management agreement.
Totaling 350,000 square feet and 306 rental units, The Virginian was built in three phases between 1980 and 1986. The 35-acre campus is located just 11 miles from downtown Washington, D.C. Focus plans to complete a renovation project to bring the asset to Class A standing.
Aron Will and Austin Sacco of CBRE National Senior Housing arranged the nonrecourse, fiver-year, floating-rate loan with 48 months of interest-only payments.
Institutional Property Advisors represented the seller, Thompson Associates, in the transaction.