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 Bristal Portfolio:

Aron Will, Executive Vice President of CBRE National Senior Housing has arranged financing on behalf of a joint venture between The Engel Burman Group (Owner-Operator; “Engel Burman”) and Harrison Street Real Estate Capital (“Harrison Street”; institutional equity partner) for The Bristal Portfolio which includes The Bristal at East Northport (“East Northport”) and The Bristal at Sayville (“Sayville”). The properties will continue to be managed by Ultimate Care Assisted Living Management, LLC (“Ultimate Care”), a division of the Engel Burman Group.

East Northport is a 99% occupied, Class “A”, 118 unit Assisted Living community located in East Northport, NY. Developed by Engel Burman in 2010, the Community is well located in a very high barrier to entry market in Suffolk County, Long Island in the affluent town of Huntington, NY. Sayville is a 96% occupied, Class “A” 153 unit Assisted Living/Memory Care community in Sayville, NY. Developed by Engel Burman in 2014 and currently owned by a partnership between Engel Burman and Harrison Street, the Community is also well located in a very high barrier to entry market in the historic town of Sayville, NY, which is an affluent South Shore Long Island Beach Community.  

CBRE secured a $62.832 million, 5 year fixed rate  loan with 60 months of Interest Only. The loan was placed through a life insurance company.

The Harrison Street/Bristal relationship has grown through various joint ventures through the years. Long Island-based, Engel Burman currently has a seniors housing portfolio operating under the name Bristal Assisted Living (“Bristal”) that includes 12 properties, 9 of which are located throughout Long Island (two communities are located in Westchester County, NY and the other is located in New Jersey). As a privately owned business with origins proudly rooted in Long Island, The Engel Burman Group owns, develops and manages prime properties up and down the Eastern Seaboard.

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. 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*.