SAN ANTONIO--CBRE Capital Markets' senior housing debt and structured finance group in Houston has arranged acquisition financing on behalf of a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital for Franklin Park Stone Oak, a class A assisted-living and memory-care community in San Antonio.

CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating-rate mortgage loan at 70 percent loan-to-value ratio for Phase I (assisted living/memory care), which Franklin Development built in 2011. Phase I of the project features 99 units.

“Rental Continuing Care Retirement Communities (CCRC) allow for residents to age in place seamlessly on one campus, which resonates with residents and adult children making decisions for their parents,” Aron Will, senior vice president with CBRE, told GlobeSt.com. “Because that model is performing very well, it is viewed by investors as very attractive and is valued most aggressively.