PLYMOUTH, Mich. — CBRE has arranged a $48 million refinancing for Cedarbrook of Northville, a 201-unit independent living, assisted living and memory care community in Plymouth, about 25 miles west of Detroit.
The borrower is the developer of the property, a joint venture between Blue Moon Capital Partners and Cedarbrook Senior Living. It features 98 independent living units, 19 independent living cottages, 43 assisted living units and 41 memory care units.
Aron Will of CBRE National Senior Housing arranged the 10-year, fixed-rate loan with full-term, interest-only payments through Fannie Mae.
Blue Moon is a private equity platform focused exclusively on seniors housing in the United States. Cedarbrook is a regional operator serving the state of Michigan.