Earlier this year, we learned of the sale of an 89-unit assisted living/memory care community in Pensacola, Florida. Now, it has been revealed that Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group arranged the acquisition financing for the deal.
Previously owned by CNL Healthcare Properties II, the property was sold alongside a 92-unit AL/MC community in Tampa to Waypoint Residential for a combined $48.85 million, or about $270,000 per unit, at a roughly 5.5% cap rate. These were the last two properties owned by CNL II, whose shareholders had approved the company’s plan for dissolution in September 2019. Both communities were built in the last five years, and while the Pensacola property was 99% occupied, the Tampa one was above 80%. Superior Residences had been their manager. Newmark Knight Frank represented CNL II in the sale.
In addition to handling the transaction, Newmark also placed approximately $15.8 million in debt financing with Synovus Bank on the Tampa community. That left Richard Thomas and Tomas Wiedeman of Grandbridge’s Atlanta office to arrange $16.575 million in Freddie Mac financing for the Pensacola community. The 10-year loan came with a fixed interest rate.
