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SUGAR LAND, Texas — CBRE has arranged a $28.2 million bridge loan to refinance debt on Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land.
The borrower is Greystar Development, which launched the Overture brand in 2013. There are now 29 Overture-branded active adult properties totaling over 7,500 units in the United States.
Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the non-recourse, floating-rate loan with 18 months of interest-only payments. The transaction was made through MF1 Capital, which is an alliance between Limekiln Real Estate, Berkshire Group and CBRE Capital Markets.