SAN ANTONIO and AUSTIN, Texas — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance group, has served as sole lead arranger on a $27.2 million loan for two assisted living facilities in Texas.
Assisted Living
CBRE Arranges Acquisition Loan for 120-Unit Assisted Living, Memory Care Asset in Near West Palm Beach
by Jeff Shaw
PALM BEACH GARDENS, Fla. — CBRE National Senior Housing has secured financing for the acquisition of HarborChase of Palm Beach Gardens, an assisted living and memory care facility in Palm Beach Gardens, 15 miles north of West Palm Beach, Fla. The borrower is a joint venture between Silverstone Senior Living and Crescent Real Estate. An affiliate of Silverstone, in partnership with an institutional equity partner, developed the 120-unit property, which opened in 2017. On-site amenities include a virtual bowling alley, doctor’s office and an art studio. Harbor Retirement Associates will continue …
1031 Crowdfunding Acquires 100-Bed Assisted Living, Memory Care Facility in Southern California for $20.1M
by Jeff Shaw
RANCHO CUCAMONGA, Calif. — 1031 CF Properties, an affiliate of 1031 Crowdfunding, has purchased an assisted living and memory care facility located in Rancho Cucamonga for $20.1 million. Meridian Senior Living operates the 100-bed property. Additional terms of the transaction were not released. 1031 Crowdfunding is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.
BMO Harris Healthcare Funds $21M Credit Facility to Finance Acquisition of Assisted Living, Memory Care Asset in Arizona
by Jeff Shaw
MARANA, Ariz. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of Watermark at Continental Ranch, an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Completed this year by Link Development and Watermark, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.