CBRE Arranges $35.7M Refinancing for Two East Coast Communities

STAUNTON, Va., and WOBURN, Mass. — CBRE has arranged $35.7 million in financing for a two-community seniors housing portfolio. The borrower is a joint venture between Harrison Street and Brightview Senior Living.

A national bank provided the separate five-year, floating-rate loans with 36 months of interest-only payments. The loans refinance existing debt. Aron Will, Austin Sacco, Adam Mincberg and Tim Root of CBRE National Senior Housing arranged the transaction.

The first property is Brightview Baldwin Park, a 139-unit independent living, assisted living and memory care community in Staunton, 40 miles west of Charlottesville. Baldwin Park is the only property in the city of Staunton to offer residents the full continuum of care, according to CBRE. The community has averaged an occupancy rate over 90 percent for 24 months.

The second property is Brightview Country Club Heights, a 107-unit assisted living and memory care community in Woburn, a suburb of Boston. Situated on 2.3 acres, Country Club Heights consists of 83 assisted living units and 24 memory care units in a single, seven-story building. Part of loan proceeds will be used to renovate units that will complete the ongoing renovation plan for the community.

Harrison Street and Brightview have owned both properties since 2014, and are partners on an additional nine seniors housing communities.