CBRE Arranges Loan for Two-Property Assisted Living Portfolio in Metro Austin
BOERNE AND ROUND ROCK, TEXAS — CBRE has arranged loan for the refinancing of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care communities in metro Austin. The borrower was a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The borrower developed both properties in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theater, game room and a health and wellness center. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the loan, which carried a three-year term, floating interest rate and 24 months of interest-only payments, through a national bank. Franklin Apartment Management, Franklin Development’s management affiliate, will continue to operate the communities.