The Market of Lafayette

In the heart of Cajun country, Cushman & Wakefield’s Robert Black and Sean McNee facilitated the sale of two seniors housing communities on behalf of the local owner and operator. Both located less than a mile apart in Lafayette, Louisiana, the all-private pay properties included a 70-unit independent/assisted living community that was built in 1997 and a just-opened 37-unit memory care community. The buyer, Griffin-American Healthcare REIT IV will bring on Colonial Oaks Senior Living to operate the communities under a 15-year absolute net lease with two 10-year renewal options and annual rent escalators of 6.3% after year one and 2.5% thereafter. Griffin-American financed the acquisition using cash proceeds from a recent public offering and borrowings under its line of credit with Bank of America, N.A. and KeyBank.

 

 

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