HOUSTON — CBRE has arranged $55.5 million refinancing for The Village of River Oaks, a Class A, 198-unit continuing care retirement community (CCRC) in Houston.
The borrower is a joint venture between Bridgewood Property Co. and Harrison Street. The four-year, floating-rate loan features 30 months of interest-only payments. A national bank provided the funds.
Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the transaction. CBRE also arranged the development financing for the property in 2015.
Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the property. The community sits on 1.8 acres in Houston’s upscale River Oaks neighborhood, one of the most expensive areas in the state of Texas, according to CBRE.