MidCap Financial announced the closing of an acquisition loan for a 92-unit assisted living/memory care community on St. Simon’s Island, Georgia. We learned of the deal at the end of September when Newmark disclosed its involvement as the broker representing the seller, a joint venture between AIG Global Real Estate and Thrive Senior Living (also the operator) that had originally developed the property in 2015. Occupancy had fluctuated between 50% and 70% in the last several years, with some key employee turnover prior to COVID contributing to the sub-par census. Winterpast Capital Partners, its affiliate Vitality Living and Broadview Real Estate Partners acquired the property, with Vitality taking over management.
MidCap closed a $14.25 million floating-rate loan to fund the $18.2 million, or nearly $200,000 per unit, purchase price. Plus, some of the funds will be used to reposition the community.
