SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfolio throughout the Seattle metro area.
The four communities total 368 units of assisted living and independent living. Following the acquisition, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed.
The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements.
Aron Will of CBRE National Senior Housing arranged the financing.