CBRE Arranges $26.4M Acquisition Financing for 138-Unit Seniors Housing Community in Washington
KENNEWICK, WASH. — CBRE has arranged $26.4 million in financing for the acquisition of Fieldstone Grandridge and Fieldstone Memory Care, a 138-unit assisted living and memory care community in Kennewick, located in the southeast portion of the state.
A joint venture between Bourne Financial Group and Cascadia Senior Living is the borrower. The community is composed of two facilities constructed in separate phases between 2015 and 2016. Cascadia will continue to operate the property following the acquisition.
Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capital.
Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator founded in 2013.