GLEN ALLEN, Va. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Verena at Virginia Center, a 118-unit independent living community located in Glen Allen, in the Richmond metro area.
CBRE secured an $18.4 million fixed-rate loan with a 10-year term and 60 months of interest-only payments.
Andy Boyer, executive vice president of Multifamily Investment Properties; Lisa Widmier, executive vice president of CBRE National Senior Housing; and Matthew Whitlock, executive vice president of CBRE National Senior Housing, represented the seller, First Centrum. Aron Will, executive vice president of CBRE National Senior Housing, arranged the acquisition financing on behalf of the buyer, a fund sponsored by Green Courte Partners LLC.
Upon acquisition, Green Courte will retain an affiliate of Senior Lifestyle Corp. to manage the asset.
Green Courte is a Chicago-based real estate private equity group formed in 2002 to invest in niche real estate asset classes.
Founded in 1985, Senior Lifestyle Corp. is an operator of more than 200 communities totaling in excess of 20,300 units. As of June 2015, the company is the seventh largest operator in the U.S. according to 2015 data from the American Seniors Housing Association.
First Centrum is a privately held real estate firm specializing in building rental communities. The company has developed over 200 communities totaling more than 12,000 units in 10 states.