Silverado Senior Living Secures Financing
Silverado Senior Living acquired two memory care communities with the help of acquisition financing closed in part by Capital Funding Group. Silverado had previously managed both communities prior to the deal. The transaction was funded by senior and junior debt totaling $32.25 million. Part of that was a $9.95 million subordinate loan closed by CFG. Silverado also established a new lending relationship by closing the loan with CFG. Read More »
Sunrise Senior Living-Operated AL Community Changes Hands
A Sunrise Senior Living-operated assisted living community in Franklin Lakes, New Jersey, found a new owner with the help of the Seniors Housing team and the New Jersey team at JLL Capital Markets. Built in 2021, Sunrise of Franklin Lakes offers 51 assisted living and 37 memory care units in studio, one- and two-bedroom layouts, with semi-private options for memory care. JLL represented the seller and procured the undisclosed buyer in the transaction. Sunrise was retained as the property’s manager. Read More »
Owner/Operator Purchases SNF Portfolio
An Ohio-based owner/operator engaged Evans Senior Investments to sell a portfolio of skilled nursing facilities in the greater Akron area. The owner had been looking to recycle capital and successfully sold the three properties consisting of 249 skilled nursing beds and 161 seniors housing units. They included The Briarwood in Stow (built in 1991), Jackson Ridge in Canal Fulton (built in 1978) and Glenwood Care in Canton (also built in 1978). All three properties had assumable HUD debt, generating significant interest from investors during the marketing property. A growing owner/operator with a strong presence in the state was ultimately selected. The purchase price was not... Read More »
Tutera Senior Living Acquires in Illinois
Tutera Senior Living & Health Care announced its latest acquisition involving a 75-unit assisted living/memory care community in Matteson, Illinois. Built in 2021 for a cost of around $21 million, or $280,000 per unit, the community formerly operated under the name Alexi Senior Living for just eight months before closing in 2022. Tutera is making improvements and will reopen the community in early Spring. Since December 2024, Tutera has already invested $200,000 upgrading the community’s safety and mechanical equipment, systems and protocols with the assistance of Arch Design Builders. In addition, Tutera is completing minor remodeling and refreshing to enhance the property’s new and... Read More »
Joint Venture Secures Financing
Live Oak Bank provided financing for the acquisition of Whisper Woods of Smithtown by a joint venture between National Development and Benchmark Senior Living. The previous owner, Sculptor Real Estate, refinanced the property in 2023. Live Oak provided that $29 million loan as well. Built in 2018, Whisper Woods is a 125-bed assisted living and memory care community in Suffolk County, New York. There are 71 AL units and 30 MC units across studio, one- and two-bedroom floorplans. National Development and Benchmark also recently broke ground on an 86-unit (63 AL and 23 MC) seniors housing community in Scotch Plains, New Jersey. This marks the developer’s entry into the state. Opening is... Read More »Silver Creek Equity Secures Financing
BWE arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit active adult community in Chanhassen, Minnesota. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The community is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60% or less of the area median... Read More »
Washington AL Community Secures Financing
Berkadia announced the arrangement of $25.6 million in bridge financing for an assisted living community in Spokane, Washington. Steve Muth, Austin Sacco and Garrett Sacco secured the financing through Berkadia’s bridge lending program for a Pacific Northwest sponsor and repeat client. The funds were used to retire existing debt on the community and return capital to the sponsor. At the time of underwriting, the facility boasted an 89% occupancy rate. The loan, featuring a 12-month interest-only term, is expected to qualify for a reduced debt seasoning period due to the facility’s strong operational history, allowing for immediate submission to HUD upon closing, with a cap at 70%... Read More »
Welltower and Ventas Continue to Outperform
The Big Two REITs, Welltower and Ventas, continue to outperform the overall seniors housing market, leading the way in the post-pandemic recovery as the two largest owners of seniors housing properties. Welltower reported its fourth quarter and year-end 2024 results first, and it was impressive. Its fourth quarter same-community SHOP NOI increased by 23.9% year over year, while revenue increased by 8.8%. Same-community average occupancy increased by 310 basis points year over year, and the NOI margin jumped by 320 basis points in the fourth quarter. These are unusually strong numbers, but at some point, the growth rate will have to decline as back-to-back 20% plus increases will be... Read More »
Berry Weiss Secures Financing for Long Island AL/MC Portfolio
MONTICELLOAM announced the financing of a $115 million senior bridge loan for a portfolio of assisted living and memory care communities in Long Island, New York. The portfolio comprises four communities built between 1959 and 1974 with 567 units across 26.21 acres. A repeat MONTICELLOAM client, the sponsorship group, downstate New York owner/operator/private investor Berry Weiss, utilized proceeds from the financing to acquire the communities and plans to improve operations by expanding the services offered across 1,000 beds. The transaction carries a 36-month initial term with two six-month extension options. Senior Living Investment Brokerage handled the sale of the portfolio in... Read More »
KeyBank Provides Construction Financing
KeyBank Community Development Lending and Investment (CDLI) provided construction financing to a to-be-built affordable seniors apartment community in Pittsburgh, Pennsylvania. The package consisted of a $27 million construction loan and a $14.4 million private placement permanent loan to finance the adaptive reuse of the First & Market office building. First & Market building will introduce 93 units, complete with accessibility features, sustainable building practices, and proximity to public transit, healthcare and other downtown amenities. The sponsor, Beacon Communities, broke ground on the project last month. All 93 units will be restricted to the 62+ senior population and... Read More »Schedule a demo
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