As exclusive advisor to a joint venture between The Waters Senior Living (“The Waters”) and Harrison Street, Cushman & Wakefield Senior Housing Capital Markets has arranged a $24.3 million loan from BMO Harris Bank for the refinance of The Waters of White Bear Lake, a 136-unit Class A independent living, assisted living and memory care community.
Located in the city of White Bear Lake in the Twin Cities Metro, the community was developed in 2016 and is operated by The Waters, a premier regional senior housing operator based in Minneapolis, MN. BMO Harris Bank’s healthcare real estate finance group is providing the first mortgage loan to take out the original construction financing.
The community has 106 licensed units which can accommodate both independent living or assisted living residents as well as an additional 30 memory care units, providing a full continuum that allows residents to age in place. The Waters of White Bear Lake is situated on a 5.22 +/- acre parcel with direct visibility to and from Route 61, one of the area’s most highly trafficked and densely developed thoroughfares.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Jay Wagner, Associate Sam Dylag, and Analyst Jack Griffin. “We received a great response from the market given the premier sponsorship, superior physical property and great market. BMO was a tremendous bank to work with and we’re excited to have arranged the match between BMO, The Waters and Harrison Street,” said Jay Wagner.
The BMO Harris team involved in the transaction included HCRE Director Derek Zeller, Managing Director of HCRE Imran Javaid, and Vice President Brian Vis. “The Waters’ community provided for an excellent opportunity to finance an operation in the late stages of stabilization, and we’re pleased to play our part in financing the growth of these two premier senior housing industry veterans,” said Derek Zeller, Director, Healthcare Real Estate, BMO Harris Bank.
“We’re very happy with the results of this process and the new financing partnership with BMO. The lender and the execution were a good match with our business plan to refinance the existing construction loan and position this property for future growth” said John Q. Hunsicker, SVP – Development & Capital Markets at the Waters.