M&T Realty Capital Corporation recently announced that it provided $51.579 million of Fannie Mae financing for the acquisition of a two-property portfolio with 225 units located in the Hartford, Connecticut MSA. The 10-year floating rate loans were structured with three years of interest only followed by 30 years of amortization. The communities have independent living, assisted living and memory care units and were built in the past five to seven years.
The communities were built and operated by Everbrook Senior Living, which joined with White Oak Healthcare REIT in a joint venture to acquire the communities, with Everbrook retaining a small minority position in the recapitalization. The communities performed well during the pandemic, which says a lot about the operator.
The transaction actually closed last December, with Rick Swartz, Jay Wagner, Sam Dylag and Chris Remeika of Cushman & Wakefield representing Everbrook in the sale. Matt Pipitone of M&T’s Baltimore, Maryland office led the financing for the deal.
