Otterbein Senior Life Affiliates with Michigan CCRC
A CCRC in Jackson, Michigan, is now a wholly owned subsidiary of Otterbein Senior Life. The campus features 318 independent living, assisted living and skilled nursing units/beds on 22 acres. Kauhale Healthcare Management began managing the community in 2022 following the purchase and refinancing of outstanding bonds by Lapis Advisers. Visa Grande Village was first opened with independent living apartments and skilled nursing services in 1972, but over a five-year period it was transitioned to a rental community. The affiliation will enable bondholders’ repayment in four years. When Kauhale took over, the campus was 71% occupied and generated $655,000 in EBITDAR. In less than four years,... Read More »
Berkadia Handles Detroit-Area Deal
Berkadia closed the sale of Oakleigh of Macomb, an 85-unit assisted living/memory care community in Macomb, Michigan (Detroit MSA). Built in 2019, the community has 55 assisted living and 30 memory care units. It was 91% occupied, so given its vintage and performance, we imagine it attracted significant investor interest. Berkadia represented the seller, US Capital Development (which originally developed the community), and sourced the REIT buyer, which was not disclosed. Read More »
Developer Divests MC Communities to Kalesta Healthcare
G Capital helped facilitate the sale of two memory care communities in Silicon Valley in an off-market transaction. Calson Management, a developer/operator based in Vacaville, California, had acquired Silver Oaks Memory Care in Menlo Park and Crescent Oaks Memory Care in Sunnyvale several years ago as value-add opportunities. The firm successfully turned around the communities, stabilizing operations and investing in physical plant upgrades. Silver Oaks was built in 1956 with 25 units and 43 beds, while Crescent Oaks was built in 1989 with 22 units and 36 beds. They were acquired for a combined $17 million, or $361,700 per unit, in 2018 by a fund and leased to Calson with a purchase... Read More »
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 »Schedule a demo
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