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:

Verena at Virginia Center:

CBRE National Senior Housing has arranged the sale and acquisition financing for Verena at Virginia Center (the “Property”), a 118 unit Independent Living community located in Glen Allen, VA (Richmond MSA). Andy Boyer, Executive Vice President of Multifamily Investment Properties, Lisa Widmier, Executive Vice President of CBRE National Senior Housing and Matthew Whitlock, Executive Vice President of CBRE National Senior Housing, represented the seller, First Centrum.  Aron Will, Executive Vice President of CBRE National Senior Housing arranged the acquisition financing on behalf of the buyer, a fund sponsored by Green Courte Partners, LLC (“GCP”).

CBRE, through its Freddie Mac Seller Servicer direct lending program, secured an $18.4 million, fixed rate loan which includes a 10 year term with 60 months of interest only. Upon acquisition, GCP is retaining an affiliate of Senior Lifestyle Corporation (“SLC”) to manage the asset.

GCP is a Chicago-based real estate private equity group formed in 2002 to invest in niche real estate asset classes. Historically, GCP has invested primarily in land-lease communities and parking properties. GCP’s team has extensive experience investing in, building, and monetizing industry-leading real estate portfolio companies in a variety of niche sectors. While GCP has significant experience owning and operating age-restricted housing (55+ land-lease communities), this transaction represents its first investment in an Independent Living/seniors housing apartment property.

Founded in 1985, SLC is a family-owned, private company that has a broad range of experience in serving seniors’ needs in the areas of Independent Living, Assisted Living, Memory Care and Skilled Nursing. SLC owns and/or operates more than 200 communities totaling in excess of 20,300 units. As of June 2015, SLC is the 7^th largest operator in the United States per the 2015 AHSA Survey.

First Centrum is a privately held firm that was founded in the late 1970s for the purpose of building rental communities in the Midwest United States. In the 1990s the company expanded geographically to the Mid-Atlantic and Southeast US, and began to focus primarily on age restricted rental communities. Most recently, First Centrum's development efforts have included luxury rental, single family and multi-family for-sale communities restricted or targeted to residents 55 years of age and older. During its 30+ year existence, First Centrum has developed over 200 communities totaling more than 12,000 units in ten states and US Territories.

CBRE completed over $2 billion in combined senior housing investment sales and loan originations in 2014. Year to date through November 2015, CBRE originated $1.23B million in senior housing debt across 59 assets. 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. 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*.