WILMINGTON, Del. — CBRE has arranged $25.5 million in financing for a joint venture between Bourne Financial Group and HRA Senior Living.
The funds will refinance the construction loan on the recently completed HarborChase of Wilmington, a 96-unit assisted living and memory care community in Wilmington.
The property is located in one of the most affluent pockets of Wilmington, with 2018 median housing values and 2018 median household incomes well exceeding those of the city of Wilmington and the state of Delaware, according to CBRE.
Aron Will of CBRE National Senior Housing secured the five-year, non-recourse, floating-rate loan with 36 months of interest-only payments from a regional bank. HRA will continue to operate the community.