EDINA, Minn. — CBRE has arranged a $33.2 million loan for a joint venture between The Waters Senior Living and an undisclosed institutional investor. The capital will be used for the acquisition of The Waters of Edina, a 139-unit assisted living and memory care community in the Minneapolis suburb of Edina.
The Class A property features 97 assisted living units and 47 memory care units. It opened in October 2013.
Aron Will of CBRE National Senior Housing arranged the seven-year, fixed-rate loan with 18 months of interest-only payments. A life insurance company provided the capital.
The Waters Senior Living is a Minnetonka-based developer, owner and operator of Class A seniors housing properties throughout Minnesota, Wisconsin and Pennsyvania. The company’s portfolio includes 10 communities totaling 1,233 units.