Meridian Closes Over $900 Million of Acquisition Loans and Refinances
We know that closing M&A transactions and financings has gotten much more difficult in the last couple of months, but Meridian Capital Group’s Senior Housing and Healthcare team announced $913 million in transaction volume over the past two months, bringing their year-to-date total to nearly $4 billion in 2022. Ari Adlerstein and Josh Simpson negotiated the deals. The highlight had to be a $319.2 million acquisition loan along with $31 million in A/R financing from a commercial bank, finance company, and mezzanine lender for 18 skilled nursing facilities comprised of 2,185 beds in Florida. But the team also closed a $120.4 million loan from a commercial bank along with a $7 million A/R... Read More »
CBRE Finances Washington State Portfolio Deal
Oxford Capital Group and Fortress Investment Group announced their joint venture acquisition of the Sherwood Portfolio, a group of three seniors housing communities in Sequim, Washington, and we recently learned that CBRE National Senior Housing arranged the acquisition financing for the deal. Aron Will and Matthew Kuronen originated a four-year, floating-rate loan through a regional bank. Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%. Previously owned by an... Read More »
Innovation Acquires a Pair of Assisted Living Communities
Innovation Senior Living announced the acquisition of two assisted living communities in Florida. Savannah Court of Haines City and Savannah Court of Lake Wales are both located just southwest of Orlando. Innovation has renamed the communities The Club at Haines City and The Club at Lake Wales. The company plans to continue to add to its seniors housing portfolio in the years to come, with these two communities acting as the third and fourth owned and operated communities. It plans to add 12 to 15 properties to its portfolio over the next five years. Lument handled this transaction. Read More »
Evans Senior Investments Handles Washington State Portfolio Deal
Chicago-based real estate investor Oxford Capital Group, in a joint venture with funds managed by affiliates of Fortress Investment Group, announced the acquisition of three seniors housing properties in Sequim, Washington for a purchase price of $54 million or $209,302 per unit. Evans Senior Investments handled this transaction. Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%. Previously owned by an independent family operator, The Sherwood Portfolio will receive... Read More »
Kauhale Health Set to Grow in the Midwest
Brand-new operator Kauhale Health announced it has formed a strategic alliance with seniors housing industry veteran Torey Riso. The former CEO of Blueprint Healthcare Real Estate Advisors and publicly traded Care Investment Trust will assist Kauhale in expanding its Midwest portfolio, which currently sits at one owned and one managed property, both in Michigan. According to Levin Pro LTC, Kauhale Health made their first seniors housing acquisition in August with the purchase of Vicinia Gardens of Otsego, a 52-unit assisted living community in Michigan. Previously, Kauhale was appointed manager of the CCRC Vista Grande Villa in Jackson, Michigan in March 2022. By partnership with Mr. Riso,... Read More »Schedule a demo
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