The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas.
Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and Healthpeak Properties. This tranche features 1,148 units in California. The financing package includes both Freddie Mac loan assumptions and new life company financing. Trace Wilson of PGIM Real Estate and Cary Tremper of Greystone’s Seniors Housing Capital Markets worked with Harrison Street to secure the transactions.
