CBRE Secures Refinancing for 110-Unit Adaptive Reuse Project in Michigan

by Jeff Shaw

TRAVERSE CITY, Mich. — CBRE has arranged an undisclosed amount of financing for Cordia Senior Living and Cypress Partners. The money will be used toward Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Traverse City.

The community is the last section of a massive, mixed-use historic preservation and adaptive reuse project called Village at Grand Traverse. The full property is an asylum that was built in 1883. The redevelopment project began in 2003.

Cordia and Cypress used historic tax credits to open the seniors housing portion of the project in 2014. The project is nearing stabilization now, according to CBRE.

Aron Will of CBRE National Senior Housing secured the non-recourse, three-year, interest-only loan. The transaction is a refinancing of the original construction loan. Cordia Senior Living will continue to operate the community following the loan closing.

Cordia is a Boston-based operator. Cypress is a real estate investment management firm based in Michigan.

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