Publicly Traded REIT Divests Seniors Housing Portfolio
A Wisconsin-based developer sold its five seniors housing properties in the Badger State to LTC Properties. Tukka Properties has a longstanding relationship with Walker & Dunlop, which had secured development debt, equity and permanent financing for the assets over the years and had also sold a Tukka-developed property to Welltower in 2021 (see details of that deal here). Now, the Walker & Dunlop team led by Alex Vice and Matthew Lund sold four properties, with a fifth property sold by Jason Punzel, Jake Anderson and Ryan Saul of Senior Living Investment Brokerage. Totaling 520 units, the five communities feature a combination of independent living, assisted living and memory... Read More »
Sale Revives Stalled Seniors Housing Development
Blueprint closed on the sale of a partially developed seniors housing community in Pearland, Texas. Originally planned as a 198-unit independent living, assisted living and memory care community on 9.6 acres, the project was approximately 60% complete when development stalled. Blueprint targeted seniors housing operators and developers, as well as multifamily groups exploring adaptive reuse options. After a years-long process and multiple offers, including two that tied up the asset prior to closing, Moody National Companies emerged as the ultimate buyer. Moody is a Houston-based developer with a strong track record in multifamily investments. While initially exploring alternate uses for... Read More »
MONTICELLOAM Closes One of Its Largest Financings
In one of the largest financings the firm has ever completed, MONTICELLOAM, LLC, along with firm affiliates, funded $470.5 million in total bridge and working capital financing for a sixteen-facility skilled nursing portfolio. The sponsor group, which owns and operates over 200 skilled nursing facilities across the country, used the $455.5 million bridge financing to refinance existing debt on the Virginia assets. In addition, MONTICELLOAM arranged a $15.0 million working capital line of credit for the borrower to manage the daily operational needs of over 2,000 licensed beds. In another financing, MONTICELLOAM and firm affiliates provided a $28.5 million senior bridge loan for two... Read More »
Cash Flowing Assets Trade in Florida and Oregon
Blueprint was engaged by a repeat institutional private equity client in the sale of a Class-A assisted living/memory care community in the Clearwater, Florida MSA. The community has received investments over the years and offered immediate in-place NOI and strong operating margins, while presenting some value-add opportunities. Kyle Hallion, Dillon Rudy and Jacob Gehl identified a large, privately held owner/operator based in Georgia as the ultimate buyer. The group has meaningful scale in the Southeast and is eager to grow in Florida. This marks the second transaction between the same buyer and seller, following a successful multi-asset portfolio sale earlier this year. Rudy and Gehl... Read More »
Acquisition Financing Secured by Joint Venture
CBRE’s Aron Will and Michael Cregan closed a $45.5 million acquisition loan for a joint venture between an institutional investor and its operating partner. The acquired Class-A community is located in the Southeast. CBRE also handled the sale of the community. Separately, the CBRE team closed a nine-figure cash-out refinance for an undisclosed client. The transactions come after the closing of acquisition financing for Belmont Village Aliso Viejo. Aron Will and John Sweeny represented the joint venture seller in the deal, while Will and Matthew Kuronen arranged the acquisition loan from a national bank. The loan came with a four-year term, a full term of interest only and a floating... Read More »
12 Financings for 26 Senior Care Facilities Close
Capital Funding Group financed more than $350.9 million across 12 transactions from mid-September through the end of October. The transactions supported 25 skilled nursing facilities and one facility with skilled nursing and assisted living. The assets were spread across Maryland, New York, South Carolina, Texas, New Jersey, Washington, Georgia, Tennessee and Missouri on behalf of nationally recognized borrowers. Details of the twelve transactions include: $38.1 million HUD loan for the refinancing of one skilled nursing facility in Maryland, featuring a total of 156 beds. Tim Eberhardt, Craig Casagrande and Catherine Mansel originated the deal. $17.0 million bridge loan increase for a... Read More »
Grace Management Adds Five Ventas Communities
Grace Management expanded its relationship with Ventas, adding five seniors housing communities owned by the REIT to its operating portfolio. The communities were previously managed under a triple-net lease structure. They include Brookdale Lake Shore Drive in Chicago, Illinois, Brookdale Northbrook in Northbrook, Illinois, Brookdale Springs Mesa in Mesa, Arizona, Brookdale Peoria in Peoria, Arizona, and Brookdale Bartlesville South in Bartlesville, Oklahoma. Grace will rename the Chicago community The Hallmark, and the remaining four properties will adopt the “Inspirations” brand. The Hallmark will undergo a multi-million dollar renovation to maximize its appeal with its lakefront... Read More »
Seller Boosts Census Ahead of Sale to JV
Senwell Senior Investment Advisors sold Rose Hill Retirement Community, a 66-unit, 87-bed assisted living community in Marion, North Carolina. Originally built as a hospital, Rose Hill has been transformed by the seller over the past two decades into a senior care community. After a previous attempt to sell the community was unsuccessful, ownership engaged Senwell, which connected the owners with an experienced operator with an existing portfolio. During the due diligence process, census improved, resulting in a stronger and more stabilized business than originally anticipated. That’s a broker’s dream. Rose Hill’s strong private pay model, minimal competition in the local market and stable... Read More »
Joint Venture Buys Orange County Community
A high-end seniors housing community in Orange County sold with the help of CBRE National Senior Housing. Aron Will and John Sweeny represented the joint venture seller in the deal, while Will and Matthew Kuronen arranged acquisition financing from a national bank. The loan came with a four-year term, a full term of interest only and a floating rate. A joint venture between Belmont Village Senior Living and Harrison Street Asset Management bought the asset for an undisclosed price. But considering the affluent market and the high-quality Belmont Village brand, we believe it was a high price. Belmont Village Aliso Viejo was built in 2019 and encompasses 3.4 acres and features a... Read More »
Developer Secures Construction Financing
JLL Capital Markets arranged a $47 million construction financing for The Arbella at Blue Hills, a 164-unit, active adult community to be developed in Bloomfield, Connecticut. JLL worked on behalf of the developer, The United Group of Companies, Inc. (United Group) to secure the construction loan through Liberty Bank of Middletown, Connecticut. Opening in 2027, the 10.3-acre site will consist of nine residential buildings offering one-bedroom, two-bedroom, two-bedroom-plus-den, and townhome units, including 19 affordable units. Units will feature open floor plans, nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets, double-sink vanities, full-size... Read More »Schedule a demo
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