CBRE Arranges $20.8M in Financing for Cordia at Grand Traverse Commons Adaptive Reuse Property in Traverse City, Michigan

by Jeff Shaw

TRAVERSE CITY, Mich. — CBRE Senior Housing has arranged $20.8 million in financing for Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Traverse City.

The community is located within the Village at Grand Traverse Commons, one of the largest historic preservation and adaptive reuse developments in the country. Initially built in 1883 as an asylum, a local company began redeveloping the campus into a mixed-use neighborhood development in 2003.

Cordia Senior Living and Cypress Partners re-purposed and converted the last section of the campus into seniors housing via historic tax credits opening in November of 2014. The community never dipped below 86 percent occupancy throughout the COVID pandemic.

Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the three-year, nonrecourse loan with 24 months of interest-only payments. The use of the financing was not disclosed.

CBRE Senior Housing previously arranged financing for the Community in 2017.

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