BOERNE AND ROUND ROCK, Texas — CBRE Capital Markets has arranged a three-year, floating-rate loan, including 24 months of interest-only payments, on behalf of a joint venture between Harrison Street and Franklin Development Properties for the refinancing of two assisted living and memory care facilities in Texas.
The portfolio consists of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care community. Both properties were developed by the borrower in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theatre, game room and a health and wellness center.
Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the loan through a national bank. Franklin Apartment Management, Franklin Development’s management affiliate, will continue to operate the communities.