Optimism across the Board in BBG’s Investor Survey Results
Ben Swett, Managing Editor of The SeniorCare Investor, sat down with R.J. DeBee, Senior Managing Director – Seniors Housing & Healthcare National Practice Leader of BBG Real Estate Services, to discuss the biggest takeaways of BBG’s fifth Annual Investor Survey. Read More »
Lument Closes Freddie Mac Refinance
Lument closed a $26.8 million Freddie Mac refinance for Treeo South Ogden, a 143-unit independent living community in Ogden, Utah, approximately 30 miles north of Salt Lake City. Tyler Armstrong, Chris Cain and Taylor Russ, all managing directors with Lument, led the transaction. Treeo South Ogden was purpose-built in 2015, and has been owned and operated by Seattle-based Leisure Care. After being presented multiple options, the borrower obtained low, fixed-rate, long-term debt from Freddie Mac that funds a capex plan, extends the loan maturity and right sizes the capital stack. The loan took out bank debt and provides cash-out proceeds for future development. It has a 10-year term, five... Read More »
Berkadia Handles Detroit-Area Deal
Berkadia closed the sale of Oakleigh of Macomb, an 85-unit assisted living/memory care community in Macomb, Michigan (Detroit MSA). Built in 2019, the community has 55 assisted living and 30 memory care units. It was 91% occupied, so given its vintage and performance, we imagine it attracted significant investor interest. Berkadia represented the seller, US Capital Development (which originally developed the community), and sourced the REIT buyer, which was not disclosed. Read More »
Developer Divests MC Communities to Kalesta Healthcare
G Capital helped facilitate the sale of two memory care communities in Silicon Valley in an off-market transaction. Calson Management, a developer/operator based in Vacaville, California, had acquired Silver Oaks Memory Care in Menlo Park and Crescent Oaks Memory Care in Sunnyvale several years ago as value-add opportunities. The firm successfully turned around the communities, stabilizing operations and investing in physical plant upgrades. Silver Oaks was built in 1956 with 25 units and 43 beds, while Crescent Oaks was built in 1989 with 22 units and 36 beds. They were acquired for a combined $17 million, or $361,700 per unit, in 2018 by a fund and leased to Calson with a purchase... Read More »
Minnesota Portfolio Secures Bridge-to-HUD Refinance
Greystone refinanced a portfolio of small seniors housing communities in Minnesota. The five properties consist of 153 total beds, with 97 assisted living and 56 memory care beds. They are located throughout the Minneapolis/St. Paul metro area and are managed by an experienced regional operator. They have benefited from consistent rate growth in recent years. The $46.7 million bridge-to-HUD loan was originated by David Young of Greystone. It was structured as a 24-month, interest-only bridge loan with two six-month extension options, and enables the borrower to refinance existing bond debt and positions the portfolio for permanent HUD financing. Chris Clare, Ryan Harkins, Ben Rubin,... Read More »
Live Oak Bank Closes Acquisition Financing
Live Oak Bank closed $24.3 million in acquisition financing for an independent living community in St. Peters, Missouri. The community was acquired by Unbridled Living through a fund backed by Unbridled Living and its capital partner, Providence Capital Group. The fund is Providence Senior Lending Fund LP. The loan has an initial term of three years with two one-year extension options. Built in 2001 and renovated in 2022 and 2025, The Emerson at St. Peters has 182 independent living units, 20 of which can flex to assisted living. It was 82% occupied with strong margins around 34.4% at closing. The community’s physical plant presents well, as the seller invested approximately $10 million... Read More »
NYC Skilled Nursing Facility Receives Working Capital Financing
MONTICELLOAM, LLC and firm affiliates provided $84 million in combined bridge and working capital financing to a skilled nursing facility in New York City. The 280-bed facility was owned by a returning MONTICELLOAM client with a portfolio of more than 20 healthcare properties. It is expanding its presence in the New York area. The transaction includes a $79 million bridge loan and a $5 million working capital line of credit, with a 30-month initial term. Read More »
CIBC Completes Several Financings
CIBC Bank USA announced a handful of senior care financings across multiple states. First, the company closed a $17.5 million cash-out refinancing for a regional operator’s portfolio of three skilled nursing facilities with 235 total beds in northeast and southeast Massachusetts, and southern New Hampshire. The facilities have an effective age of 20 years and reported an average occupancy rate of 88%. Financing was arranged by Matthew Tyler and Daniela Miranda. Separately, CIBC closed $40.5 million in acquisition financing for a regional operator’s purchase of two skilled nursing facilities totaling 248 beds in Pennsylvania that were 86% occupied. Financing was arranged by Dan Forrer and... Read More »
Blueprint Adding HUD Lending Platform
Fresh off another record-setting year for investment sales activity, Blueprint announced a major expansion of its capital markets services to now include FHA/HUD lending and servicing capabilities. The firm is acquiring the existing FHA/HUD lending platform of MidCap Financial Services, and hiring Tony Marino, formerly of Cambridge Realty Capital Companies, to lead the practice alongside Chief Underwriter Ramona Mitchell, who has decades of experience in HUD lending. The move allows Blueprint to now offer long-term financing solutions to its clients, what it describes as a natural extension of its mission to provide best-in-class advisory services throughout the asset lifecycle. The... Read More »
More New Capital Enters Seniors Housing
A fully-integrated real estate firm that is well known in the student housing world announced its foray into the seniors housing industry. Landmark Properties focuses on the development, construction, acquisition, investment management, and operation of high-quality residential communities, but the company’s intent is to invest in ground-up development and acquisition opportunities in seniors housing through partnerships with best-in-class operators. It cited the industry’s recovery and the incoming supply and demand imbalance as part of its motivation to enter. Landmark Properties appointed industry executive Shashank Goel as Senior Director of U.S. Senior Housing Investment Management.... Read More »Schedule a demo
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