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:

Greenbrier of Prospect Heights:

Aron Will, Executive Vice President of CBRE National Senior Housing and Mark Tran, Senior Vice President of the CBRE Debt & Structured Finance office in Columbus have arranged construction financing and equity on behalf of a joint venture between Greenbrier Senior Living (“Greenbrier”; Developer), Pathway Senior Living (“Pathway”; Operator) and Och-Ziff Real Estate (Institutional Equity) for the construction of Greenbrier of Prospect Heights (the “Property”). The Property is a to-be-built, class “A”, Assisted Living/Memory Care facility located in Prospect Heights, IL (Chicago MSA). The Property will be managed by Pathway.

The Property will consist of 69 Assisted Living units and 32 Memory Care units. The 94,333 square foot, three-story building will be situated on a 5.06 acre parcel. The Property is located in affluent Prospect Heights, Illinois. Prospect Heights is bordered by Wheeling to the north, Mt. Prospect to the south, Northbrook to the east, and Arlington Heights to the west. It is also proximate to other affluent northern suburban communities such as Winnetka, Highland Park, Glenview and Evanston. These “North Shore” suburbs are consistently recognized as top places to live within the Chicagoland area. The demographics associated with these communities are amongst the best in the country.

CBRE secured a $21.41 million, 5 year floating rate construction  loan with 39 months of Interest Only. The loan was placed through a regional bank.

Chicago-based Greenbrier Senior Living is a privately held real estate company focused on the development of senior housing communities. Greenbrier is an affiliate of Evergreen Real Estate Services, one of the Midwest’s fastest growing multi-family development, management and construction companies. Evergreen owns and manages over 2,000 seniors units and 5,500 multifamily units across 8 states. With a combined 60 years of development experience, the group has broad knowledge of real estate finance, management, and construction in the areas of senior housing, traditional market rate and affordable (LIHTC) housing for families and seniors.  Evergreen’s affiliate VeriGreen Development, LLC is a Chicago-based housing developer with a national focus on affordable (LIHTC) housing for families, seniors, and special needs populations.

Pathway Senior Living is a privately held, Chicago-based senior housing company founded in 1997 and managed by an experienced team dedicated to improving the lives of older adults. Today, the company operates 20 seniors communities consisting of over 1,300 Assisted Living units and over 600 senior apartments in the Chicago area and Wisconsin. Pathway has developed 22 senior housing communities from the ground up; 18 of which are in Chicagoland. They currently have a very robust development pipeline in Chicago consisting of four projects in various stages of development in the northern and western suburbs. Pathway’s growth will focus on high-quality, predominantly private pay communities in underserved markets in need of high-acuity Assisted Living and Memory Care in Illinois and the surrounding states.

Och-Ziff Real Estate, the real estate platform at Och-Ziff Capital Management Group LLC (“OZM”), was founded by Steven E. Orbuch to make investments in real estate and real estate related assets across North America and Europe.  In addition to traditional property types, Och-Ziff Real Estate has developed expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, and land development. Och-Ziff Real Estate is currently making opportunistic investments from Och-Ziff Real Estate Fund III, which has total equity commitments of $1.5 billion, while pursuing debt origination and special situations investments from other capital sources within OZM.

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*.