Cushman & Wakefield Senior Housing Capital Markets has arranged a $13M refinancing for The Palazzo, a 327-unit rental continuum community located in Phoenix, Arizona. The property is owned by a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting, LLC.
Located in a heavily trafficked area of northern Phoenix, The Palazzo was originally acquired in 2017 by the Borrower and expands over a 14-acre campus. The property has recently undergone an extensive $10M renovation/repositioning plan and the refinance will replace the original acquisition financing while current ownership finishes executing their business plan.
The community is a full continuum rental community comprised of two towers, each of which stand three stories and totals approximately 335,00 SF comprised of 100 IL units, 171 AL units, 29 MC beds, and 60 SNF beds for a total of 360 beds and “neighborhood” style commons areas with kitchen, dining, activity and outdoor space available.
“We were pleased to be able to arrange a refinance with favorable terms in a very challenging capital markets environment,” said Aaron Rosenzweig, managing director at Cushman & Wakefield.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Director Dan Baker, and Associate Bailey Nygard.
About Westport Capital Partners:
Westport Capital Partners is a real estate investment firm focusing on adding value to real estate and “hands-on” solutions to complex situations. Westport provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California and Stamford, Connecticut. For more information regarding Westport Capital Partners, please visit www.westportcp.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 @CushWakeon Twitter.
