Showing off its range of services, Cushman & Wakefield closed a couple of transactions for clients in both Minnesota and Arizona. First up, David Rothschild and Mary Christian sold a high-quality senior living community in Woodbury, Minnesota for $22 million, or $285,714 per unit. Welltower bought the community, which opened in June 2015 with 39 independent/assisted living units, 32 memory care units and six care suites. Oppidan Investment Co. developed the community and had brought in Ebenezer to manage it. However, the buyer will put in place new management, which we believe will be New Perspective Senior Living. Occupancy was heading above 80% at the time of sale. For more information on this deal, check out the upcoming April issue of The SeniorCare Investor.
Next, the Cushman & Wakefield team of Richard Swartz, Jay Wagner, Aaron Rosenzweig and James Dooley arranged a $9 million construction loan on behalf of Mission Senior Living for the development of an 88-unit assisted living/memory care community in Yuma, Arizona. Contemporary Healthcare provided the financing for what is Mission’s third development and fifth property overall in its portfolio.
