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:
Eden Villa Assisted Living & Memory Care
Aron Will, Executive Vice President of CBRE National Senior Housing, has arranged acquisition financing on behalf of a joint venture between Auctus Capital Partners & Och-Ziff Capital Management (collectively the “Borrower”) for Eden Villa Assisted Living & Memory Care (the “Property”). The Property is a 54 unit/83 bed Assisted Living and Memory Care community located on an irreplaceable site within a high barrier to entry market in San Francisco, CA. Upon acquisition, the Borrower anticipates an investment of capital to repurpose existing underutilized ‘dead’ space to add additional Assisted Living and Memory Care units and to make various cosmetic enhancements to help drive operations.
CBRE Multifamily Capital originated a $17.12 million, non-recourse 10 year fixed rate loan with 60 months of interest only through its Fannie Mae DUS multifamily loan origination program.
The Borrower will retain Integral Senior Living (“ISL”), a high-quality, California-based operator, to manage the Property. Today, ISL is a top 25 senior housing provider in the nation and 3rd largest in California. ISL currently operates 55 communities in 14 states. Of the 55 communities ISL manages, more than half are located in the state of California. ISL consistently demonstrates successful delivering of quality senior living environments, fulfilling workplaces and targeted financial returns. Recognized as an industry leader, ISL has won numerous awards over the years including being the recipient of Assisted Living Federation of America’s (ALFA) 2010 prestigious “Best of the Best” award for their innovative Dining by Design program.
Founded in late 2014 by Chris Rosenstock, Auctus Capital Partners (“ACP”) is a real estate investment firm with $500 million in assets under management focusing on senior housing, commercial and residential properties across the western United States. ACP specializes in the acquisition, turnaround and management of underperforming assets in well performing markets. Since inception, ACP has acquired five seniors housing properties in the western US. Additionally, ACP manages 3,000 multifamily apartment units located in the western U.S.
Och-Ziff Real Estate (“OZRE”) was founded to make investments in real estate and real estate related assets across North America and Europe. The principals of OZRE have invested in nearly $8 billion of private real estate assets, including direct equity investments, preferred equity structures, mezzanine financing, and senior loans. OZRE has developed particular expertise in certain niche real estate asset classes including gaming, healthcare, senior housing, cellular towers, and land development. OZRE is currently making opportunistic investments from OZRE Fund III, a comingled equity Fund with $1.5 billion of capital commitments. Since 2012, OZRE has invested in twelve seniors housing transactions totaling 1,401 units which includes both properties acquired and under development.
In 2015, CBRE originated over $1.5+ billion in senior housing debt across 72 assets. CBRE completed over $2.8 billion in combined senior housing investment sales and loan originations in 2015.CBRE has been a Top 2 senior housing originator in the country from 2010 through 2015 and was the #1 Senior Housing/Age Restricted Lender in the U.S in both 2013 & 2014.
$1.5+ Billion in senior housing debt originations in 2015 across 72 assets
$808 Million in senior housing debt originations in 2014 across 60 assets
#1 Freddie Mac Senior Housing Lender in 2014;
#2 Freddie Mac Senior Housing Lender in 2015
#1 Senior Housing/Age Restricted Lender in the US in 2013 & 2014*
Top 2 Senior Housing Lender in 2010, 2011, 2012, 2013, 2014 & 2015*
#1 Freddie Mac Lender in 2009, 2010, 2011, 2012, 2013, 2014 & 2015
Fannie Mae, Freddie Mac, HUD FHA, Mezzanine & Construction Debt Placement
Over $2.8 billion in Team’s Combined Senior Housing Investment Sales & Loan Originations in 2015
*As per the Mortgage Bankers Association