As exclusive advisor to a joint venture between The Waters Senior Living and Harrison Street, Cushman & Wakefield Senior Housing Capital Markets has arranged a $24.3 million loan from BMO Harris Bank for the refinance of The Waters of White Bear Lake, a 136-unit Class A independent living, assisted living and memory care community.

Located in the city of White Bear Lake in the Twin Cities Metro, the community was developed in 2016 and is operated by The Waters, a premier regional senior housing operator based in Minneapolis, MN. BMO Harris Bank’s healthcare real estate finance group is providing the first mortgage loan to take out the original construction financing.

The community has 106 licensed units which can accommodate both independent living or assisted living residents as well as an additional 30 memory care units, providing a full continuum that allows residents to age in place. The Waters of White Bear Lake is situated on a 5.22 +/- acre parcel with direct visibility to and from Route 61, one of the area’s most highly trafficked and densely developed thoroughfares.

The Cushman & Wakefield team involved in the transaction included Executive Managing Director Jay Wagner, Associate Sam Dylag, and Analyst Jack Griffin. “We received a great response from the market given the premier sponsorship, superior physical property and great market. BMO was a tremendous bank to work with and we’re excited to have arranged the match between BMO, The Waters and Harrison Street,” said Jay Wagner.

The BMO Harris team involved in the transaction included HCRE Director Derek Zeller, Managing Director of HCRE Imran Javaid, and Vice President Brian Vis. “The Waters’ community provided for an excellent opportunity to finance an operation in the late stages of stabilization, and we’re pleased to play our part in financing the growth of these two premier senior housing industry veterans,” said Derek Zeller, Director, Healthcare Real Estate, BMO Harris Bank.

“We’re very happy with the results of this process and the new financing partnership with BMO. The lender and the execution were a good match with our business plan to refinance the existing construction loan and position this property for future growth” said John Q. Hunsicker, SVP – Development & Capital Markets at the Waters.

About The Waters:

The Waters is a fully integrated senior housing company based in Minneapolis, MN. It is an active regional investor, developer, owner and operator of a robust portfolio of well-positioned, state-of-the-art, private pay senior living communities in the Twin Cities metro, Rochester MN, Wisconsin and western Pennsylvania markets. The Waters, with its branded senior living experience centered on personal wellbeing, is a privately held company launched by members of Shelter Corporation and capitalized by private investors in 2015. The Waters portfolio consists of twelve senior living communities with approximately 1,400 residential units in operation and under construction, and an additional four properties in development.

About Harrison Street:

Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. The firm has created a series of differentiated investment solutions focused on the Education, Healthcare and Storage sectors. Headquartered in Chicago with an office in London, the firm has more than 140-employees and approximately $20 billion in assets under management. Clients of the firm include a global institutional investor base from 11 countries. For more information, please visit www.harrisonst.com.

About BMO Harris Bank:

BMO Harris Bank provides a broad range of personal banking products and solutions through nearly 600 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank’s commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of $617B (as of April 30, 2019), and more than 45,000 employees.

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 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 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.