JD Stettin of Carnegie Capital announced a couple of loan closings that funded the acquisition of two senior living communities in Montana and Wyoming. If that deal sounds familiar, it’s because we covered Senior Living Investment Brokerage’s involvement in it earlier this week.
Totaling a combined 107 units, split between 61 independent living and 46 assisted living units, the deal included a community built in 1995 in Cody, Wyoming and one in Great Falls, Montana that opened in 2003. They’re in good condition and reported positive cash flow, but occupancy could be improved, currently sitting at 72% at the Cody location and 87% in Great Falls. Both were former Emeritus properties that have since been operated by Brookdale Senior Living.
The institutional owner decided to sell the properties to an Oregon-based regional owner/operator, which worked with Carnegie Capital to obtain two five-year loans from a regional bank. Each coming with a 3.5% interest rate, the loans totaled $3.5 million for the Wyoming property and $8 million for the larger Montana property.
