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CIT Arranges $34MM in Financing for Senior Housing Community in Arizona

December 17, 2021, 07:31 AM

CIT Group's Healthcare Finance business served as sole lead arranger of $34 million to refinance the Enclaves at Chandler, a senior housing community located in Chandler, Arizona.
The financing was provided to Spectrum Retirement Communities LLC, a leading developer, owner and operator of senior housing communities headquartered in Denver, Colorado. Completed in 2018, the 162-unit Enclaves at Chandler consists of 89 independent living residences, 49 assisted-living units and 24 memory care units.

"The Enclaves at Chandler is a premier, modern senior housing community in an attractive location serving the Arizona market," said Grant Kraus, senior vice president, Capital Markets & Financial Planning for Spectrum Retirement Communities. "We appreciated CIT's industry expertise and agility in arranging this new financing for the property."

"Demand is strong for senior housing facilities like the Enclaves at Chandler that serve a range of needs," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "Spectrum Retirement Communities is known throughout the industry as an experienced and successful owner/operator and we were pleased to support their efforts with this financing package."

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