CBRE Arranges $10M Acquisition Loan for 120-Unit Community Near Philadelphia

LANSDALE, Pa. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale.

A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale.

The sellers acquired the community in 2014 and implemented a renovation strategy that added a memory care section and outdoor courtyards, while improving the roof, siding, HVAC systems and backup generators. Pike Development led the renovation efforts along with JRP Architects, Berks Ridge Construction, Hidden Valley Nurseries and Solutions Advisors.

The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.

Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.

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