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 Summit of Uptown:

Aron Will, Executive Vice President of CBRE National Senior Housing has arranged acquisition financing on behalf of Capitol Seniors Housing (“CSH”) for The Summit of Uptown (the “Property”). The Property is a 147-unit Independent Living and Assisted Living community located in Park Ridge, IL (Chicago MSA). Park Ridge is an affluent suburb of Chicago which borders two northwestern neighborhoods of Chicago’s Far North Side (Edison Park and Norwood Park), and is located approximately 15 miles northwest of downtown Chicago.

CBRE secured a $27.9 million, non-recourse floating rate bridge loan which includes a 5 year term with 36 months of interest only from a regional bank. Total loan proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million Earnout feature.

CSH’s business plan includes converting approximately 28 Independent Living units to Assisted Living, while also completing the renovations of 16 down units at the Property to include approximately 21 Memory Care units.  Once complete, the Property will feature a fortified Memory Care wing and will be able to provide its residents base the full continuum of care.

CSH is retaining The Arbor Company (“Arbor”) to third party manage the asset. Atlanta-based, Arbor is a “best-in-class” owner/operator of Independent Living, Assisted Living and Memory Care communities with over 27 years of industry experience. Arbor currently operates 21 properties in Georgia, Texas, Pennsylvania, Florida, North Carolina, South Carolina and Tennessee totaling 1,862 units. Additionally, CSH and Arbor have a long term relationship, as Arbor continues to successfully operate other CSH properties.

CSH is a decade old senior housing investment company whose officers have a combined 105 years industry experience and have been responsible for the acquisition/development of more than 4,500 seniors residential units across the country totaling over $1 billion in asset value.

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*.