CBRE Capital Markets professionals continue to prove that the market is open by working with owners and investors to provide creative sales and debt solutions for their clients. Below are the highlights of a recently completed loan origination:

The Springs at Greer Gardens:

Aron Will, Executive Vice President of CBRE National Senior Housing has arranged construction financing on behalf of a joint venture between The Springs Living (Developer/Owner-Operator) and Harrison Street Real Estate Capital (“Harrison Street”; institutional equity partner) for the construction of The Springs at Greer Gardens (the “Property”). The Property is a to-be-built, class “A”, Independent Living/Assisted Living/Memory Care facility located in Eugene, Oregon. The Property will be managed by The Springs Living.

The Property will consist of a total of 216 units comprised of 30 Independent Living cottages, 79 Independent Living units, 75 Assisted Living units, and 32 Memory Care units. The 256,100 square foot, three-story main building is comprised of 186 IL/AL/ALZ units, while the 30 IL cottages will be located directly adjacent to the main building. The entire development is situated on a 13.4 acre parcel that is located less than 2 miles southwest of the intersection of the Delta Highway and the Randy Pipe Beltline on Good Pasture Island Road in the heart of Eugene. Additionally, the site sits on a longstanding plant nursery that is a landmark for many residents in the community and has a strong connection to the horticultural history of the area.

CBRE secured a $40.1 million, 5 year floating rate construction  loan with 48 months of Interest Only. The loan was placed through a national bank with a regional bank participant.

McMinnville, Oregon-based, The Springs Living is a 19 year old privately held regional senior housing owner/operator that is focused on creating comfortable Independent Living, Assisted Living, and specialized Alzheimer’s/Dementia Care communities in the Pacific Northwest. With a current portfolio of 12 communities, 10 are located in the state of Oregon and two are located in the state of Montana. The management team has developed and managed more than 1,500 Independent Living, Assisted Living and Memory Care units.

Harrison Street is a real estate private equity firm founded in 2005 that directly and through its affiliates has approximately $7.9 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. Since inception, the Firm has acquired or developed over 490 properties in 40 states including over 65,000 student housing beds, over 14,800 senior housing units, more than 5.9 million square feet of medical office space and more than 87,000 self-storage units.

CBRE completed over $2 billion in combined senior housing investment sales and loan originations in 2014. In 2014, CBRE originated over $808 million in senior housing debt across 60 assets and was Freddie Mac’s #1 Senior Housing Lender in the country. Year to date through June 2015, CBRE originated $940 million in senior housing debt across 46 assets. CBRE has been a Top 2 senior housing originator in the country from 2010 through 2014 and was the #1 Senior Housing/Age Restricted Lender in the U.S in both 2013 & 2014*.