PALM BEACH GARDENS, Fla. — CBRE National Senior Housing has secured financing for the acquisition of HarborChase of Palm Beach Gardens, an assisted living and memory care facility in Palm Beach Gardens, 15 miles north of West Palm Beach, Fla. The borrower is a joint venture between Silverstone Senior Living and Crescent Real Estate.
An affiliate of Silverstone, in partnership with an institutional equity partner, developed the 120-unit property, which opened in 2017. On-site amenities include a virtual bowling alley, doctor’s office and an art studio. Harbor Retirement Associates will continue to operate the property.
Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the non-recourse, five-year, floating-rate loan with 36 months of interest-only payments. The lender was a regional bank.