CRE-Finance Creates Senior Living Division
The firm will arrange $60M in financing to develop two new senior living facilities.
NEW YORK – Commercial Real Estate Finance (CRE-Finance) has created a new Senior Living Facilities Division within its firm. The expansion will cater to senior housing developments, with $60 million in financing to be arranged for two new assisted living and memory care facilities in New York and Ohio.
WRC Development Partners LLC has retained CRE-Finance to secure a $26 million construction loan for the 115-unit, 130-bed, Town Club Powell assisted living facility development in Columbus, OH. The development company also retained CRE-Finance to obtain $34 million in construction financing for a 132-unit, 172-bed, senior living facility in New Windsor, NY.
The industry is working to accommodate the increasing demand of senior housing in the US as the population continues to grow. AARP statistics state that 10,000 Baby Boomers will hit retirement age each day, from now until 2030.
Commercial Real Estate Finance LLC is a boutique real estate firm that specializes in short-term and long-term debt in the form of bridge, new construction and permanent financing.