Two years after financing a senior living project in Rock Hill, South Carolina (Charlotte MSA), Cushman & Wakefield returned to refinance the newly opened community. Operated by Harbor Retirement Associates, the community comprises 88 units and 92 beds of assisted living and memory care within the Riverwalk master planned development, which will encompass more than 1,000 single-family homes and 550 apartments, as well as extensive retail and an award-winning restaurant. Private equity firm BridgeForth Capital, the owner, only had the community open for a month before the pandemic hit, but lease-up was luckily strong beforehand.
In October 2018, Richard Swartz, Aaron Rosenzweig and Tim Hosmer of Cushman & Wakefield worked with an affiliate of OZ Real Estate to secure $17.5 million of construction financing for the project. Now, Messrs. Swartz, Hosmer and Jay Wagner are taking out that debt with $19.8 million in debt placed with Saperean Capital, a division of Kayne Anderson.
Earlier this week, Cushman & Wakefield’s Tampa-based seniors housing team led by Allen McMurtry and David Kliewer sold a 117-unit independent living community in Trinity, Florida (about 20 miles northwest of Tampa), also to Kayne Anderson. With these transactions, not to mention the $1 billion acquisition of seven seniors housing communities and 29 medical office buildings, Kayne Anderson clearly saw an opportunity to inject capital into the market. With so much private equity dry powder still sitting on the sidelines, we wonder who is next to start buying.