CBRE Arranges $11.2M Acquisition Financing for 101-Unit Seniors Housing Property Near San Francisco
CONCORD, CALIF. — CBRE has arranged $11.2 million in financing for the acquisition of Entrust of Concord, a 101-unit independent living, assisted living and memory care community in the Bay Area city of Concord.
The borrower was a joint venture between Agemark Senior Living and Trellis Real Estate Group. The property will be immediately rebranded as TreVista Concord.
Originally constructed in 1970, the community is situated on 2.7 acres near both downtown Concord and downtown Walnut Creek. Upon closing, Agemark and Trellis plan to spend several million dollars in capital upgrades.
The acquisition represents Trellis and Agemark’s third joint venture partnership. The property is located within three miles of two of the largest medical centers in Contra Costa County, which together comprise 799 licensed medical beds.
Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments through a national bank.