CBRE Arranges $19.7M Acquisition Loan for Assisted Living Community in Metro Phoenix

by Jeff Shaw

GLENDALE, Ariz. — CBRE has arranged a $19.7 million loan for the acquisition of MorningStar at Arrowhead, an 85-unit assisted living and memory care community in the Phoenix submarket of Glendale.

The borrower is a joint venture between MorningStar Senior Living, Oakwood Real Estate Partners and Confluent. MorningStar developed the property, which opened in September 2015. The company will continue to operate the community after the transaction.

The non-recourse, floating-rate loan features a three-year term, 36 months of interest-only payments and an all-in rate below 3 percent. A national bank provided the capital.

Aron Will, vice president of CBRE National Senior Housing, arranged the financing.

Oakwood is a commercial real estate private equity firm located in Denver. Confluent is a full-service real estate investment and development company, also based in Denver.

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