(To read more on the multifamily market and the debt and equity markets, click here.)

ORLANDO-Locally based CNL and American Retirement Corp. of Nashville are closing on a four-property acquisition of Town Village independent living communities, thanks to a fast-track, $140-million financing package brokered by Philadelphia-based Remington Financial Group. RFG didn’t identify the lender. Three properties are in Dallas and the other in Kansas City.

RFG president Matthew E. McManus, who led his company’s negotiating team, says his group “quickly understood the borrower’s and operator’s business plan and its complex financing needs, and was able to articulate the requirements to a limited number of highly qualified [national] lenders and investors.”

A source says the financing included high-leverage, non-recourse floating rate senior debt and mezzanine financing. RFG’s McManus says the acquired properties are four-year-old and five-year-old class A assets “that have not been operated to their fullest potential by the developer and seller of the portfolio.” ARC is “responsible for implementing the business plan and improving property operations,” he adds.

CNL provided “a majority of the equity to the joint venture, primarily for two reasons,” McManus says. They are CNL’s “comfort level in achieving the portfolio’s projected upside and its relationship with ARC that is founded on past successful joint venture transactions.”

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