Big Rock, Big Project
Big Rock Partners is at it again. Already developing a $75 million senior living project in Celebration, Florida and a $25 million project in Port Royal, South Carolina, the real estate investment management firm is set to begin construction of Atria at Villages of Windsor, a 318-unit senior living community in southern Palm Beach County. The 22.5-acre site, which Big Rock purchased for $10 million, happens to be the largest, and one of the last, entitled senior housing parcels in the county, where existing senior living communities were built on average 21 years ago. Designed by Gensler and to be constructed by Moss & Associates, the 425,000-square foot community will feature 186... Read More »Berkadia originates $366 million financing
Working with both Fannie Mae and Freddie Mac, Berkadia arranged two loans totaling $366.7 million for Brookdale Senior Living to refinance 39 of its seniors housing properties in two separate portfolios. The first portfolio, including 21 properties with 1,924 units and an average occupancy of 91%, is made up of 5.7% IL, 15.9% MC and 78.4% AL units. It was refinanced with a $226.4 million, 10-year loan through Fannie Mae arranged by Managing Directors Heidi Brunet and Christopher Fenton of Berkadia. The loan come to $117,700 per unit. The pair also closed a $140.3 million (or $117,900 per unit), seven-year loan through Freddie Mac for a portfolio of 18 properties, which consists of 1,190... Read More »Being Large In Seniors Housing
Size isn’t all its cracked up to be, and it does matter whether you own or operate the real estate. We always hear that size matters, but it can also work against you. While no one has claimed to be able to define the optimal size of a seniors housing company, I have yet to hear anyway say that they would be comfortable running a company with more than 500 properties. Most would say that 250 would be tops, with many of them even much smaller. I am talking about owning and operating, with the emphasis on operating. For REITs, I don’t know if there is a real number where their efficiencies get maxed out. They are not hiring the staff and serving the food. And they are not trying to... Read More »When it rains, it pours
The announcements keep coming from Lancaster Pollard, with the firm announcing two transactions (and three loans) plus a new addition to its M&A group just in the last few days. First, Mike Ashley led the way in obtaining funding for a local nonprofit to refinance and renovate its senior living facility in Higginsville, Missouri. With Life Care Services managing the facility since 1995, the nonprofit plans to increase the number of skilled nursing beds by 16 private rooms in a new wing, in addition to making other improvements to the building. Following the $5.4 million renovation, the community will feature 145 IL units, 26 AL units and 56 SNF beds. Lancaster Pollard worked with local... Read More »Schedule a demo
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