CBRE Arranges $35.8M Acquisition Financing for 130-Unit Seniors Housing Community in Folsom, California
FOLSOM, CALIF. — CBRE has arranged financing for the acquisition of Prairie City Landing, a 130-unit independent living, assisted living and memory care community in Folsom, a suburb of Sacramento.
A joint venture between AEW Capital Management, Tenfold Senior Living and Artēgan Senior Living acquired the property for an undisclosed price. The seller was another joint venture that developed the property. That group includes Tenfold, Artēgan and a global investment manager.
The community opened in February 2017 and was over 90 percent occupied at the time of sale. Artēgan Senior Living will continue to operate the property.
Aron Will of CBRE National Senior Housing arranged the $35.8 million Freddie Mac loan with a seven-year term, fixed rate and 48 months of interest-only payments.