NewPoint Real Estate Capital originated $53 million in bridge financing to facilitate Cougar Capital Management’s acquisition of a large portfolio of independent living communities in upstate New York. The 24-month, non-recourse floating-rate loan provided by a debt fund was originated by NewPoint’s Cal Masterson and Kevin Laidlaw.
These five communities total 701 units. They were built between 2000 and 2008 and comprise 15 acres in the Rochester MSA. Cougar Capital Management announced that it paid $51 million for the assets, or $72,800 per unit. Property management will be transferred to Willow Ridge Senior Living, which announced that it co-invested in the portfolio, which includes Village at Erie Station, Village at Fairways, Village at Parklands, Village at Park Crescent and Village at Willow Pond. The plan is to focus on cost containment and rate growth.
Jeff Binder, Ryan Saul and Dave Balow of Senior Living Investment Brokerage handled the sale, working on behalf of the receiver-seller.
