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7/01/15
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A joint venture between Bridgewood Property Company and Harrison Street Real Estate Capital has obtained $49.7 mil in construction financing for The Village of River Oaks, a 195-unit, Class A senior housing community located in Houston, TX. Construction of the development is scheduled to begin in Q3 2015.
Located at 1015 South Shepherd Dr, the new community will include a combination of independent living, assisted living and memory care. It will be operated by an affiliate of Bridgewood.
Aron Will and Austin Sacco of CBRE Capital Markets’ Debt & Structured Finance team, out of Houston, arranged the financing, which was funded by a regional bank. The six-year floating-rate loan includes interest-only payments for four years at an all-in-rate of 2.33 percent.
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