HOUSTON - CBRE arranged financing for The Village at The Woodlands Waterway, a joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital located in The Woodlands, Texas, about 25 miles north of Houston.  

The Village at the Woodlands Waterway, a 207-unit independent and assisted living facility including a memory care wing, is considered one of the highest quality rental Continuing Care Retirement Communities in the state of Texas.

The $38 million floating-rate loan was placed through a regional bank. The mortgage will have a five-year term at an all-in interest rate of 2.35%, with 36 months of interest-only.
 
“This construction take-out loan provides the borrower significantly improved cash flow distributions from the asset while at the same time improving the overall loan structure,” said Aron Will, Senior Vice President of CBRE Houston's Debt & Structured Finance group. “The high quality of the asset and top-tier sponsorship enabled us to secure competitive terms from a large number of regional and national banks.”
 
Bridgewood Property Company is a regional developer, owner and operator of senior living communities. Chicago-based Harrison Street Real Estate Capital LLC owns in the nation with 68 senior housing communities totaling 7,800 units.

 

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