The Vitality Living Nashville Portfolio Sells
CBRE arranged acquisition financing for The Vitality Living Nashville Portfolio, featuring two assisted living communities in Tennessee. The buyer was a joint venture between Winterpast Capital Partners, Scribner Capital and its institutional partner, and Broadview Real Estate Partners. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the financing. Vitality Living, Winterpast’s wholly-owned operating platform, will operate the communities under a third-party management agreement. Located within two high-growth suburbs of Nashville, Vitality Living Franklin and Vitality Living Hendersonville offer a combined 256 assisted living and memory care units. CBRE... Read More »
Meridian Capital Group Announces June Financing Activity
Meridian Capital Group’s Senior Housing and Healthcare team closed more than $245 million in transaction volume in June for a combination of 15 facilities in six states. These transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. The team’s recent closings include a $105 million loan from a commercial bank to refinance 11 facilities comprised of 1,003 skilled nursing beds and 185 assisted living units in California, Colorado, and Iowa, and a $33.9 million loan from a commercial bank along with a $2.5 million A/R line to refinance two skilled nursing facilities totaling 280 beds in North Carolina. The latter transaction... Read More »
CFG Arranges Acquisition Mezzanine Financing
Capital Funding Group closed $8.8 million in mezzanine financing for the acquisition of a 240-bed skilled nursing facility in Brooklyn, New York. The mezzanine debt was provided by CFG in a total financing package of $60.8 million. The other funds were secured through a syndication effort with a bank that CFG has partnered with in the past. Capital Funding Group Managing Director, Real Estate Finance Craig Casagrande and Vice President Andrew Jones originated the transaction for the company. Read More »
Berkadia Finances Idaho Assisted Living Acquisition
Berkadia arranged acquisition financing for two assisted living/memory care communities in Idaho. Managing Director Jay Healy and Associate Director Andrew Lanzaro secured the $7.8 million bridge-to-HUD loan with an interest-only term of 18 months and a six-month extension option. The communities were built between 1996 and 1999 and contain an average Medicaid census of 75%. Combined occupancy had declined slightly in 2021 but rebounded to the mid-90% range by the end of 2022. The communities also benefited from a change to Idaho Medicaid reimbursements on July 1, 2022, resulting in a revenue boost of about $40,000 per building per month. The California-based buyer owns 18 seniors housing... Read More »
Quality Senior Living Adding Another Blake Community
A new, high-end seniors housing community is under construction in St. Johns, Florida, by Quality Senior Living, a major Southeast owner, operator and developer. The Blake at St. Johns will feature 70 assisted living and 48 memory care units, with an array of amenities. Construction began in March 2022, and pre-leasing is already underway before its scheduled opening in early 2024. QSL Management will operate the community, which is expected to cost $35 million, or just under $300,000 per unit. Designed by Arrive Architecture Group, the two-story, 115,000 square foot building is set around two landscaped interior courtyards and will include restaurant-style dining, a piano bar and lounge,... Read More »Schedule a demo
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