Live Oak Bank Closes Acquisition Financing
Live Oak Bank closed $24.3 million in acquisition financing for an independent living community in St. Peters, Missouri. The community was acquired by Unbridled Living through a fund backed by Unbridled Living and its capital partner, Providence Capital Group. The fund is Providence Senior Lending Fund LP. The loan has an initial term of three years with two one-year extension options. Built in 2001 and renovated in 2022 and 2025, The Emerson at St. Peters has 182 independent living units, 20 of which can flex to assisted living. It was 82% occupied with strong margins around 34.4% at closing. The community’s physical plant presents well, as the seller invested approximately $10 million... Read More »
CIBC Completes Several Financings
CIBC Bank USA announced a handful of senior care financings across multiple states. First, the company closed a $17.5 million cash-out refinancing for a regional operator’s portfolio of three skilled nursing facilities with 235 total beds in northeast and southeast Massachusetts, and southern New Hampshire. The facilities have an effective age of 20 years and reported an average occupancy rate of 88%. Financing was arranged by Matthew Tyler and Daniela Miranda. Separately, CIBC closed $40.5 million in acquisition financing for a regional operator’s purchase of two skilled nursing facilities totaling 248 beds in Pennsylvania that were 86% occupied. Financing was arranged by Dan Forrer and... Read More »
Berkadia’s Recent Financing Activity
In the past 30 days, Berkadia’s Jay Healy and Andrew Lanzaro have closed $111.5 million across four financings for four separate sponsors, encompassing eleven properties in six states. The activity included three bridge financings totaling $69.6 million from Berkadia’s proprietary balance sheet and a $41.9 million HUD refinance. The first transaction was a $9.1 million bridge-to-HUD loan for a repeat client based in El Segundo, California. Proceeds were used to retire senior debt and a portion of related-party acquisition financing in advance of a HUD refinance. The collateral is a 79-unit, 2006 vintage assisted living and memory care community in Nampa, Idaho, which the sponsor acquired... Read More »
Developers Divest Class-A Seniors Housing Portfolio
A portfolio of seniors housing communities sold, with the six assets located across two states in the Kansas City, Kansas MSA. The seller was a joint venture between Hunt Midwest, a Kansas City-based real estate development company, and Principal Senior Living, a Georgia-based developer/owner/operator of senior living communities. The portfolio comprises 413 assisted living/memory care units in Kansas City, Blue Springs and Raymore, Missouri, and Olathe and Lenexa, Kansas. The Class-A buildings were built between 2015 and 2019, and at the time of closing they were over 90% occupied. Berkadia’s Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers handled the deal on behalf of the... Read More »
Joint Venture Acquires Full-Continuum Community in Las Vegas
After acquiring two Class-A seniors housing communities in March through separate transactions, Clarion Partners made another purchase, in Las Vegas, Nevada. The previous two additions to its portfolio were Vitality Living Franklin in Tennessee, and The Gallery at Spokane in Washington. The Washington deal was done through a joint venture with Franklin Templeton. Completed in two phases in 2008 and 2010, San Martin Senior Living in Las Vegas consists of a two-story building comprising 144 independent living and assisted living units, plus a single-story building with 30 memory care units. The community, which will be rebranded as The Grand at Southern Hills, is located within a large... Read More »Schedule a demo
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