Cushman & Wakefield Senior Housing Capital Markets advised project owner and co-developer Confluent Senior Living on the equity and construction financing for the to-be-built HarborChase of South Portland. The assisted living and memory care property will be located in South Portland, Maine. Co-developer Harbor Retirement Associates will manage the community. Cushman & Wakefield advised Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development, to place the construction loan with M&T Bank and joint venture equity with a leading private equity investor.
HarborChase of South Portland will be a 123-unit community located nearby the largest mall in the state of Maine and only a short ride from Old Port Portland. Portland, Maine is one of the most vibrant cities in New England with a world-class culinary environment, thriving economic growth and an abundant senior population. The community is expected to be completed in summer 2021 and will feature an impressive collection of amenities as well as an extensive array of activities typical of HarborChase communities.
"We are incredibly appreciative of Cushman & Wakefield's expert counsel that has made possible capital that is aligned with and invests alongside Confluent’s financial resources," said Marshall Burton, president and CEO of Confluent Development. "We are proud to partner with the team to achieve our goals as we expand our footprint in New England with our latest HarborChase project."
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Director Tim Hosmer and Associate Sam Dylag.
“We are proud to collaborate with Confluent Senior Living on this exciting project. Portland is an incredible market and this community will fill a much-needed gap,” said Jay Wagner, executive managing director at Cushman & Wakefield.
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.
About Confluent Senior Living
Confluent Senior Living is a national developer and investor of senior projects. Confluent Senior Living partners with a variety of industry-renowned senior living operators across the U.S. An expert in developing, buying and selling senior living communities, Confluent Senior Living has a national senior housing portfolio of award-winning communities. Confluent Senior Living is a subsidiary of Confluent Development, a Denver-based, full-service real estate investment and development firm that owns and develops ground-up commercial real estate throughout the United States. For more information, visit ConfluentSeniorLiving.com.
About Harbor Retirement Associates
Harbor Retirement Associates (“HRA”) is a vertically integrated regional senior living development and management company, focused primarily on Assisted Living and Memory Care communities. HRA is also engaged in the development and operations of Independent Living and Skilled Nursing communities.
HRA operates more than 35 communities in 8 states and is partnering on the construction of even more communities in 7 additional states. HRA manages over $150 million in revenue and approximately $1 billion in assets while employing 2,000 associates. For more information, visit hraseniorliving.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.
