SEATTLE — CBRE has arranged a $19.1 million loan for seniors housing investment company Capitol Seniors Housing (CSH) to acquire Maple Leaf Assisted Living & Memory Care, a 119-unit independent living, assisted living and memory care community in Seattle.
The non-recourse, floating rate loan includes a three-year term with 24 months of interest-only payments. Of the proceeds, $16.6 million will be used for the acquisition and $2.5 million are for capital improvements.
Planned improvements include upgrading units and renovating common areas, with particular emphasis on the memory care areas.
Upon acquisition, CSH will lease the community to Washington-based operator Milestone Retirement Communities.
Aron Will, executive vice president of CBRE National Senior Housing, arranged the financing.