Cushman & Wakefield Senior Housing Capital Markets ended 2020 with a couple of sales (and a handful of both acquisition and construction financings too). First, on behalf of Healthcare Trust, Inc. (NASDAQ: HTIA), the team sold a 120-bed SNF in the Tampa, Florida market, representing the first of three Florida divestments totaling $118 million for HTIA.
Cushman & Wakefield followed that up with a land sale in Cherry Creek, Colorado, an affluent submarket of Denver, for the development of a 137-unit independent/assisted living community. Titan Development sold the fully entitled site to a joint venture between Ryan Companies, Cadence Living and Harrison Street. C&W also represented Ryan Companies on its JV equity procurement.
Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield procured several debt financings to close out their 2020, first with a non-recourse construction loan for an active adult development in the Nashville, Tennessee market on behalf of Avenida Partners and its JV equity partner.
Next, C&W secured debt from a regional bank to refinance a recently built senior living community in the Alamo Heights neighborhood of San Antonio, Texas. The owners, Harrison Street and Franklin Park Senior Living, developed the community in 2017 with 221 units of independent living, assisted living and memory care.
At the end of the year, C&W also arranged $29.7 million in construction financing on behalf of Benchmark Senior Living to build a new senior living community in Hanover, Massachusetts.
Cushman & Wakefield followed up its construction loan activity with a couple of acquisition financings too, starting with a three-property portfolio in New Jersey on behalf of LCB Senior Living and Harrison Street. Again working with Harrison Street and its JV partner Stellar Senior Living, C&W also procured an acquisition loan for two senior living communities in Arizona.