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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $47.3 Million Financing for Park Springs, a Continuing Care Retirement Community in Stone Mountain, GA |
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Thursday, March 01, 2012
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Stone Mountain, GA
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Cushman & Wakefield Sonnenblick Goldman, serving as the advisor to Isakson Living, has arranged a $47.3 million mortgage financing to refinance the existing indebtedness of Park Springs, a stabilized 474-unit continuing care retirement community located in Stone Mountain, Georgia, outside of Atlanta. The Cushman & Wakefield Sonnenblick Goldman team included Richard Swartz and Phil Anderson as Co-Heads of Cushman & Wakefield Sonnenblick Goldman’s Senior Housing Capital Markets team, Senior Director Jay Wagner and Director Aaron Rosenzweig. The financing was provided by Bank of America and Atlantic Capital Bank.
First opened in 2004, Park Springs is a picturesque retirement community sitting on a 54-acre campus directly adjacent to Stone Mountain State Park, a widely visited tourist attraction and also home to 36-holes of championship golf. The community consists of 398 independent living units and a 76-bed health center.
“This financing demonstrates how a successful CCRC can still attract very favorable capital from knowledgeable lenders and investors, despite the recent headwinds that have faced this specific area in the industry,” noted Swartz.
“The ability of the Isakson team to deliver outstanding quality to their residents in an exceptional community, their conservative operating strategy and their expertise in this market area, allowed for a smooth financing process,” added Anderson.
“This financing puts our community on a solid foundation for years to come,” added Andy Isakson, Principal of Isakson Living. “We have the best team and best residents in the market and look forward to serving many more of Atlanta area’s seniors in the future. We appreciate CWSG’s work in making that mission possible.”
About Isakson Living / Park Springs – Isakson Living is one of the most recognizable names in the greater Atlanta commercial real estate and senior living market. Principals Andy and Kevin Isakson have deep experience in various commercial real estate asset classes in the greater market area including office, residential and retail, and have had tremendous success with Park Springs, the premier senior housing community in the Atlanta market. Isakson Living is currently planning and developing future CCRCs including Peachtree Hills Place, which will be located in the affluent Buckhead neighborhood of Atlanta. For more information about Park Springs, visit www.parkspringscommunities.com. |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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