FAIRFAX, Va. — CBRE has arranged $65.2 million in financing for the acquisition of The Virginian, a 306-unit continuing care retirement community (CCRC) in Fairfax.
The borrower is Focus Healthcare Partners, which plans to lease the community to Life Care Services (LCS) under a third-party management agreement.
Totaling 350,000 square feet and 306 rental units, The Virginian was built in three phases between 1980 and 1986. The 35-acre campus is located just 11 miles from downtown Washington, D.C. Focus plans to complete a renovation project to bring the asset to Class A standing.
Aron Will and Austin Sacco of CBRE National Senior Housing arranged the nonrecourse, fiver-year, floating-rate loan with 48 months of interest-only payments. An undisclosed national bank provided the funds.
Institutional Property Advisors represented the seller, Thompson Associates, in the transaction.