CUSHMAN & WAKEFIELD SENIOR HOUSING ARRANGES ACQUISITION FINANCING IN PHOENIX
Cushman & Wakefield announced today that, as exclusive advisor to a joint venture between Harrison Street Real Estate and Stellar Senior Living, the real estate services firm’s Senior Housing Capital Markets team has arranged acquisition financing for Heritage Sun City, a 211-unit independent and assisted living community located in the Sun City Suburb of Phoenix, Arizona.
Located in a heavily populated market in the Phoenix MSA, the property benefits from its premier location just off of a main throughway with direct access to the area’s abundant local amenities. The property is an expansive three-story building with a full host of indoor and outdoor amenities.
The non-recourse financing was provided by a national bank that will also provide acquisition financing to the same borrower for another Arizona-based senior housing community, set to close in early 2021.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Senior Director Jim Dooley, and Associate Bailey Nygard.
“We are pleased to continue what has been an active quarter for us in the Southwest,” said Rosenzweig.