DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces construction financing for the development of Solera at Cherry Creek, a Class A seniors housing development in the Cherry Creek neighborhood of Denver, Colorado.
The HFF team worked on behalf of the developer, a joint venture between affiliates of Banner Senior, LLC, Solera Senior Living and Wheelock Street Capital, to arrange the non-recourse construction loan through a national bank.
Solera at Cherry Creek will comprise 64 assisted living apartments and 32 memory care units within a three-story building totaling approximately 55,000 rentable square feet. The community will feature contemporary design, local influences and best-in-class amenities such as outdoor walking paths, a fitness studio and relaxation room, on-site rehabilitation center, gourmet restaurant with mountain views and an exhibition kitchen, piano bar and lounge, outdoor terrace with a glass firepit, beauty salon and spa, multi-functional spaces designed to maximize engagement as well as innovative programs and technologies. Due for completion in 2019, the property is designed by Rosemann & Associates, a firm experienced with well thought-out and innovative senior living communities. Solera at Cherry Creek is being constructed on a three-acre site at 2453 S. Wabash Street in the heart of Cherry Creek, which is one of Denver’s most affluent neighborhoods and home to multiple parks, dining, retail and entertainment options, including Cherry Creek North, Cherry Creek Shopping Center and the Cherry Creek Arts District.
The HFF team representing the borrower included senior director David Fasano and directors Sarah Anderson and Brock Yaffe.
About Banner Senior, LLC: Banner Senior, LLC is an affiliate of Banner Real Estate Group, a fully integrated real estate operating company based in Northbrook, Illinois, focusing on the acquisition, management and development of multifamily properties and the development of seniors housing and self-storage facilities nationwide. Since its initial founding in 1989, Banner has acquired and operated 46 multifamily properties and has developed 19 self-storage facilities and apartment communities, collectively worth over $1.3 billion. For information, visit bannerrealestategroup.com
About Solera Senior Living: Solera Senior Living is a next generation senior living operator, developer and investor founded in 2016 by Adam Kaplan. Including existing projects and assets in various stages of development, Solera will have 250 team members and approximately $200 million under management. For more info, visit soleraseniorliving.com
About Wheelock Street Capital: Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. Wheelock has since raised over $2 billion in capital commitments and is currently investing its fifth fund comprising $725 million of commitments from leading pension funds, endowments and foundations. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.