COVINGTON, La. — CBRE has arranged $14 million in financing for the construction of Avanti Senior Living at Watercross, a 90-unit assisted living and memory care community in the New Orleans suburb of Covington.
The borrower is a joint venture between Texas-based developer Avanti Senior Living and investment advisor Iron Point Partners. The property will sit within the Watercross Healthcare Campus, which includes the new Ochsner Medical Hospital.
The projects sit within the larger, 171-acre Water Cross at Nor du Lac development, which includes Ochsner Health Center, an active adult community, a wellness center, professional medical offices, a skilled nursing/rehab community and luxury apartments.
Aron Will of CBRE National Senior Housing arranged the financing, which has a floating rate and 48 months of interest-only payments. A regional bank provided the funds.