SAN ANTONIO, Dec. 14, 2020 – Cushman & Wakefield has arranged the refinancing of a luxury full-continuum senior housing community in the upscale Alamo Heights neighborhood of San Antonio on behalf of Harrison Street and Franklin Park Senior Living.
“Our team was happy to be able to secure this financing solution for a tremendous client in Harrison Street and to build on a new relationship with Franklin Park Senior Living,” said Jay Wagner, executive managing director at Cushman & Wakefield. “It allowed both parties to capitalize on the property’s strong performance during the pandemic as well as the current attractive interest rate environment.”
Franklin Park Alamo Heights was developed by Franklin Park, the preeminent senior living operator in south Texas and headquartered in San Antonio, and was fully delivered in 2017 with 221 units of independent living, assisted living and memory care. The community is the most recent delivery in the San Antonio market and represents the best-in-class in the market with unmatched amenities and unit finishes along with a reputation for exceptional resident care.
“The Franklin Park communities throughout the San Antonio area are exceptional,” said Jim Dooley, senior director at Cushman & Wakefield. “It’s been a pleasure to work with this talented team and organization on this transaction.”
The Cushman & Wakefield team involved in the financing included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Senior Director Jim Dooley, and Analyst Jack Griffin. The loan was provided by a regional bank.
About Franklin Park Senior Living
Franklin Park Senior is a family-owned and operated company that specializes in the design, development, and management of senior living communities in Southern Texas. Based in San Antonio, Franklin Park current manages 1,025 units in seven communities. The Franklin Companies was established in 1995 and is a market leader for senior living with independent living, assisted living and memory care options that promote social interaction, mental stimulation, spiritual connection, and physical well-being.
For more information please visit https://www.franklinpark.org/
About Harrison Street Real Estate Partners
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 160-employees and approximately $27.3 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last six consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE.
For more information, please visit www.harrisonst.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Cushman & Wakefield’s National Senior Housing Capital Markets team was established in 2011 and advises top institutional owners, developers and operators on equity, debt and investment sales throughout the United States. Located in Boston and Southern California, the team is led by Rick Swartz and Jay Wagner and includes a total of 12 professionals. The team is consistently ranked amongst the top senior housing brokerage groups in transaction value and has executed on greater than $8 billion in transactions.
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