BMO’s Healthcare Real Estate Finance group closed a large facility to facilitate the acquisition and renovation of nine seniors housing communities in Virginia. Totaling more than 780 beds, the portfolio will continue to be managed by Commonwealth Senior Living on behalf of the new owner, Municipal Capital Appreciation Partners (MCAP).
This was part of Invesque’s sale of its 20-property Commonwealth Senior Living portfolio, approved earlier this summer. MCAP emerged to repurchase the properties after selling them to Invesque in 2019 for $340.4 million. The whole portfolio is mostly in Virginia, with locations in Connecticut, Maryland, Michigan and Pennsylvania. To fund the acquisition and renovation of the nine Virginia properties, BMO closed a $117.325 million facility for affiliates of MCAP.
