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 Cornerstone Portfolio:

Aron Will, Executive Vice President of CBRE National Senior Housing has arranged portfolio acquisition financing on behalf of a joint venture between AEW Capital Management (“AEW”) & Senior Living Residences (“SLR”) for the Cornerstone Portfolio, known as Cornerstone at Milford (“Milford”) & Cornerstone at Canton (“Canton”); (collectively the “Properties”). The Properties were both developed by SLR and are Class “A” communities located in high-barrier to entry markets in the Boston MSA. Milford is an 85 unit community (65 AL/20 ALZ) that is currently 100% occupied and reached full-stabilization just 16 months after opening in 2013. Canton is an 87 unit community (65 AL/22 ALZ) that opened in mid-2015 and has experienced a significant leasing velocity since inception. Post-close, SLR will continue to operate both communities.

CBRE secured a $49.6 million, non-recourse 5-year fixed rate loan from a Life Insurance Company. Additionally, CBRE secured four other competitive, non-recourse bids.

Founded in 1981, AEW is one of the world's leading real estate investment managers. Currently, AEW and its affiliates manage over $22.7 billion of real estate assets and securities on behalf of institutional and private investors across the globe. AEW has been responsible for the acquisition, development, repositioning, financing/re-financing and/or management of $2 billion of senior housing investments and the sale of over $2 billion+ of senior housing assets and has been one of the pioneers of intuitional investing in seniors housing dating back to the 1990s.
 
The founders and owners of SLR have been operating seniors housing in New England since the late 1980s and officially launched SLR Assisted Living in 1990, beginning third-party management in 1994. Over the past 20+ years, SLR has been involved in the start-up development, successful lease-up and management of 36 Assisted Living communities and has provided strategic consulting services on another 12 development projects, together comprised of more than 2,000 units located throughout New England. As one of the pioneers of Assisted Living in the state of Massachusetts, SLR was instrumental in assisting the state’s regulatory agencies with guidelines which dictate Assisted Living licensure and care (many of which are still in place to this day). Currently, the firm owns and/or manages 12 communities in Massachusetts, with a portfolio value of more than $200MM and nearly 700 employees. SLR has a proven track record of rapid lease up of new projects, with stabilized occupancy averaging 98% across SLR’s portfolio of owned and/or managed communities.

CBRE completed over $2 billion in combined senior housing investment sales and loan originations in 2014. Year to date through December 2015, CBRE originated $1.42 billion in senior housing debt across 67 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*.