Chartwell Retirement Residences to Sell Two Facilities
Chartwell Retirement Residences, the largest Canadian seniors housing company, has agreed to sell two of its long-term care facilities for C$112 million, or C$424,000 per bed (or US$331,000 per bed). Net proceeds to Chartwell are expected to be C$56.8 million after paying off C$41.9 million of mortgage debt. The two facilities are located in British Columbia. The buyer of the 264-bed portfolio is AgeCare Health Services Inc. and Axium Infrastructure Inc. and its affiliates. The closing is expected to occur before the end of the year. Axium is an independent portfolio management firm with approximately C$9.4 billion in assets under management, as well as C$1.7 billion in co-investments.... Read More »Alabama Assisted Living Community Sells
Senior Living Investment Brokerage’s Brad Clousing and Daniel Geraghty have successfully closed the sale of Heritage Assisted Living & Memory Care in Madison, Alabama. Built in 2015, the 46-unit (30 AL, 16 MC units) assisted living community sits on five acres near the Alabama-Tennessee border. The community maintained an occupancy rate of 96% at the time of sale but struggled with rental rates and other expenses. The seller was a local group of physicians who divested the asset for $5.1 million, or $110,900 per unit, at a cap rate of 7.2% based on annualized trailing figures. At the time of sale, the community was bringing in around $2.2 million in revenue and $370,000 of EBITDAR,... Read More »Dwight Mortgage Trust Closes Acquisition Loan
Dwight Capital’s affiliate, Dwight Mortgage Trust, has successfully closed acquisition financing totaling $27 million for four assisted living communities in the state of New York. The portfolio consisted of three communities in Jamestown: Tanglewood Manor, Memory Garden and Comfort Today. There was also The Magnolia in Frewsburg, New York. Altogether, the four communities combined for 293 units of assisted living and memory care. Dwight’s Josh Levin originated the transaction. The buyer of the portfolio was Culture Care Senior Living, led by CEO Gary Rohinsky. Read More »Ziegler Finances North Carolina Acquisition
Chicago-based investment bank Ziegler continues its busy month, arranging acquisition financing for Well-Spring Obligated Group. Ziegler closed three taxable loans for the company to acquire a CCRC in Greensboro, North Carolina, and expand its services as a multi-site senior living operator. Also acting as the swap advisor, Ziegler was able to facilitate the execution of a forward-starting swap ultimately entering into the swap three months in advance of closing which resulted in the interest rate being 0.55% lower than closing. Pinnacle Bank served as the lender for the transaction. Built in 2003, the target sits on 47 acres in Burlington, North Carolina. Amenities include a woodworking... Read More »Welltower Comes Out with Q2 Earnings
Welltower reported yet another active quarter of acquisitions and investments, completing $1.6 billion of pro rata gross investments, including $1.1 billion in acquisitions and loan funding, as well as $448 million in development funding in the second quarter. One of the largest acquisitions was when the REIT acquired a portfolio of 25 active adult communities in non-coastal East Coast and Midwest markets, including 20 newer vintage properties and five properties currently in development, for $502 million or $172,000 per unit. In addition to that acquisition, the company bought an assisted living/memory care community in Bakersfield, California for $22 million, or $203,700, per unit, with... Read More »Schedule a demo
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