BMO’s Healthcare Real Estate Finance group announced its role in providing acquisition financing to IRA Capital and Principal Asset Management for their purchase of an 89-unit seniors housing community in Gilbert, Arizona. American Care Concepts and Reichmann International Realty Advisors developed American Groves Senior Living in 2021 and have owned it since then. Each of the 89 units can transition between independent and assisted living in response to changing resident needs. Currently, occupancy is 100%, and we imagine the property operated at a healthy margin.
IRA Capital and Principal Asset Management announced that they paid $44.5 million, or $500,000 per unit, for the community. BMO financed the deal with a $28.925 million term loan, but no other details on the financing were disclosed. Integral Senior Living will manage the asset on behalf of ownership. JLL Capital Markets handled this transaction, which closed in July.
