SLIB Sells Two Florida Communities
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage sold a couple of seniors housing communities in Florida. Totaling 173 units of assisted living and memory care, the communities are located in Lutz and Orange City, Florida. They were previously owned by a partnership between an institutional capital provider and a national operator, which engaged with the SLIB team to run a competitive process. There were multiple offers from both regional and national buyers, but the eventual buyer was a Florida-based regional owner/operator continuing to grow its presence across the southeastern United States. Read More »
SLIB Nails Nevada Closing
A stabilized independent living community in Reno, Nevada, sold to a private equity company that specializes in active adult and independent living. A regional owner/operator based in the western United States developed the 131-unit community in 2020 and leased it up quickly. Not only was the occupancy strong, but the community operated at a very healthy margin. Well-performing communities have not been hitting the market much these days, so pricing must have been strong for the asset, although the purchase price was not disclosed. However, the cap rate was approximately 6% based on trailing stabilized financials. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of Senior... Read More »
CBRE Helps Finance Chicagoland Acquisition
Focus Healthcare Partners acquired a large senior living community near Chicago, Illinois, thanks to a bank loan arranged by CBRE. The target, Lexington Square of Elmhurst, was built in 1990 about 20 miles west of downtown Chicago. It features a total of 348 units of independent living and assisted living in an entrance-fee CCRC model. However, after rebranding the community as The Roosevelt at Salt Creek, Focus Healthcare Partners will execute a significant capital improvement plan and convert the community to a rental model. The community will also feature a fitness center, swimming pool, billiards lounge and barber, among other amenities. Aron Will, Matt Kuronen and Michael Cregan... Read More »
Ziegler Sells Asset on Behalf of Marquee Capital
Ziegler, a specialty investment bank, served as exclusive financial advisor to Marquee Capital (formerly, Berengaria Development) on the sale of Terova Senior Living, a 101-unit senior living community in Mequon, Wisconsin. Marquee Capital is the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office. Located in one of the most affluent suburbs in Wisconsin, the community represented the only senior living asset owned by Marquee in the state. Formerly known as Ovation Sarah Chudnow, Terova was built in 2005 and was one of the three Jewish senior living communities in the area. After acquiring the community in 2020, Marquee Capital spent the next two years... Read More »
Lument Arranges Two Short-Term Debt Transactions
Lument announced a couple of financings involving short-term debt, one for an acquisition and one to refinance a stabilizing seniors housing property. First, a long-time operator of a 150-bed skilled nursing facility in Oklahoma City, Oklahoma, was able to take its ownership interest in the facility from 33% to 100% with the help of acquisition financing arranged by Lument. Bill Wilson led the transaction, and Lument’s debt syndications team, led by Steve McGee and Sangjin Na, placed the $10.7 million loan with a community bank. The loan features a five-year term, with a minimum of two years of interest only, 25-year amortization and a fixed interest rate. In addition to funding the... Read More »Schedule a demo
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