PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents.
Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors.
The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds.
The nine-acre site is located at the northwest corner of East Tahquitz Canyon Way and North Hermosa Drive in central Palm Springs. The community will be the first of its kind, as virtually no other LGBTQ-oriented, market-rate active adult communities exist in the market today, according to CBRE. Additionally, the community was planned and will be operated with the active involvement and input of the LGBTQ community.
While the community’s primary target is LGBTQ seniors living in Southern California, marketing efforts will target prospective residents from all over the United States. The community will feature 122 units. Living Out Management LLC, an affiliate of KOAR, will operate the community under a traditional management agreement.