Late last month, we learned of Walker & Dunlop’s involvement in structuring acquisition financing for a senior care campus on Cape Cod. Now, it’s revealed that the OREC Securities team of Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the sale on behalf of the seller.
Located in the town of Brewster, Massachusetts, the property consists of a 135-bed skilled nursing facility built in 1995 and a 59-unit assisted living community that was added in 2007. Both were well occupied, but the owner/operator, Joshua Zuckerman, wanted to retire from the business. OREC, the investment banking affiliate of Lancaster Pollard, was originally brought on to sell the SNF and AL businesses to separate buyers, but ultimately The Pointe Group stepped in to acquire both.
Joshua Rosen of Walker & Dunlop structured and provided $28.3 million in acquisition financing at 90% of the acquisition cost. That puts the purchase price at around $31.4 million, or over $160,000 per bed/unit. The loan came with a two-year term and interest-only payments throughout the life of the loan, which also provided the borrower with funds to execute on some renovations on the campus.
