September 13, 2019
CIT Group Inc. arranged a $27.2 million loan for two assisted-living facilities in South and Central Texas. The borrower, a joint venture between Harrison Street and Franklin Development Partners, is using the loan proceeds to refinancing existing debt and cover closing costs on the properties.
The portfolio consists of Franklin Park Boerne, at 18 Old San Antonio Rd., in the San Antonio suburb of Boerne, TX. Also part of the refi was Franklin Park Round Rock, 4155 Teravista Club Dr. in Round Rock, TX, north of Austin.
Both assisted-living facilities consist of 76 units and were developed by the borrower in 2017. Aron Will, Austin Saco and Adam Mincberg with CBRE arranged the three-year, floating-rate loan with CIT Group.
“We were pleased to support Harrison Street and Franklin Development with financing as they continue to build their portfolio of healthcare properties,” said CIT’s William Douglas.
Pictured: Franklin Park Boerne, Boerne, TX
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