THOUSAND OAKS, CALIF., AND SCOTTSDALE, ARIZ. — CBRE has arranged $80 million in financing for a joint venture between Blue Moon Capital Partners and Belmont Village Senior Living.
The JV will use the funds to purchase an assisted living and memory care portfolio consisting of Belmont Village Thousand Oaks in metro Los Angeles and Belmont Village Scottsdale in the Phoenix suburb of Scottsdale.
The seven-year, fixed-rate loan includes 48 months of interest-only payments. A life insurance company provided the funds.
The two communities total 275 units and Belmont Village will continue to operate the properties. The California location was built in 2011 and the Arizona location in 2012.
Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.