Newmark closed a couple of financings at the end of August. One funded an acquisition that the Newmark team had handled in March 2023. The Preston of the Park Cities, which was previously owned by Silverstone Senior Living, sold to an undisclosed buyer, for an undisclosed price. Built in 2018, this community has 134 units of assisted living and memory care. Silverstone developed it, initially bringing in Harbor Retirement Associates to operate before switching to Watermark Retirement Communities in 2019. Occupancy never reached full stabilization before the pandemic and stood at just 75% at the time of closing.
The Newmark team had some history at this property, as Ryan Maconachy, Chad Lavender and Sarah Anderson helped to place the original construction debt for it. That was a $42.9 million four-year loan placed with Texas Capital Bank and Guaranty Bank & Trust. Development costs for the high-end community were reportedly above $75 million, or more than $560,000 per unit. To fund the acquisition, the team was able to arrange a loan from a regional bank.
Newmark was also able to secure a refinance from a debt fund for Clearwater at Riverpark. Built in 2018, the community has 136 units of independent living. It was developed by The Wolff Company and operated by Clearwater Living since opening. Clearwater acquired the property in May 2018 as part of the development plan between it and Wolff. This was the first community that Clearwater outright owned, after growing its management portfolio to nine properties at the time.
