Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in Atlanta and Marietta, Georgia. The buyer was also a regional owner/operator. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled both transactions.
Berkadia has completed over $1.7 billion in sales and financings across 49 transactions in the first half of the year. That impressive volume has continued into the second half of the year, with a significant increase in bid volume over the past few months.
In a separate, recent transaction, Fasano, Sanders, Tremper and Garbers were engaged by Leo Brown Group in its divestment of two Class-A seniors housing communities in strong submarkets in Indiana and Ohio. The properties demonstrate robust operating performance with impressive margins, top-line revenue and high occupancy rates.
Each being the newest vintage in their respective submarkets, built in 2020 and 2021, the communities comprise 247 independent living, assisted living and memory care units. The communities were developed by the seller and operated by Traditions Management. Berkadia ran a competitive process that ultimately allowed Traditions to retain management.
In another recent transaction, Fasano, Sanders, Tremper and Garbers were engaged by LifeCare Properties, a subsidiary of Comvest Properties, in the divestment of a Class-A seniors housing community in New Braunfels, Texas. Inspired Healthcare Capital was selected as the ultimate buyer.
Built in 2021, The Blake at New Braunfels features 71 assisted living and 41 memory care units. The community has maintained consistently high occupancy and strong NOI. It is also just one block from the Resolute Baptist Hospital, which offers a full range of services as well as emergency care and a Level II NICU. Inspired is creating a new operating partnership with Blake Management, retaining them as manager of the property going forward.
Lastly, on the debt side, Chris Cain and Steve Ervin of Berkadia recently worked with Poppy Bank to close 12 different loans totaling over $329.7 million of bridge debt in April, May and June. The 12 properties include a portfolio of six, a three-pack and three individual properties. Together, the assets comprise 1,597 units.
