MidCap Financial closed acquisition debt for another Healthpeak divestiture. Announced in May, the REIT sold five of its SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There was a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in the past four years.
Private equity firm Fortress Investment Group paid $64 million, or $144,100 per unit, in cash and kept Sonata Senior Living as the operator. JLL handled the transaction and also announced that it was in the process of closing acquisition debt for Fortress. MidCap’s $46 million loan comes with a floating interest rate and also provides for future capital improvements.
