PHOENIX, Jan. 11, 2021 –– 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.
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 185-employees and approximately $30 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 seven 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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