Senior Living Investment Brokerage Handles Active Adult Deal
Their ears must have been burning, because after we discussed the rise in M&A activity in the active adult/55+ market, Matthew Alley and Bradley Clousing of Senior Living Investment Brokerage announced the sale of an 81-unit community in Granbury, Texas. Developed in stages from 2018 to 2020 by a local mom & pop, it was already fully occupied with a wait list by the end of 2020. Talk about strong demand! It helps that the community is located near Lake Granbury and the lakefront activities there, along with many restaurants and shopping downtown. We’ve talked about the strong operating margins that active adult can offer, and indeed, this community brought in $950,000 of EBITDAR... Read More »
Carnegie Capital Closes Acquisition Financing
JD Stettin of Carnegie Capital has announced another acquisition financing, this time for two skilled nursing facilities in north central Texas. Combining for 206 licensed beds and 54,000 square feet, the facilities were built in the mid-1970s. Occupancy could be improved, but that is not surprising given the past year. A national private fund emerged as the buyer, partnering with regional and local operators to manage the facilities. They paid $8.5 million, or $41,300 per bed. Mr. Stettin secured a hybrid bank/private loan at 80% loan-to-cost (so, $6.8 million), which came with a three-year, interest-only term and a rate in the mid-4s. Read More »
Affordable Housing Deal Gets Multiple Financing Sources
Community Preservation Partners and Hampstead Development Partners turned to KeyBank to secure capital to acquire and renovate an affordable senior apartment community in New Haven, Connecticut. Originally built in 1973, the Section 8 community consists of 121 units, split between 106 one-bedroom and 15 two-bedroom units. Plus, there is one ground-level retail bay, which includes a KeyBank branch, in the nine-story building. Going forward, the property will have a Housing Assistance Payments (HAP) Contract covering 112 units for 20 years, and the other nine units will also operate as tax-credit units. KeyBank Community Development Lending and... Read More »
Healthcare Trust Divests Two Florida Facilities
Cushman & Wakefield’s Senior Housing Capital Markets team completed the sale of two skilled nursing/assisted living facilities on behalf of the public, non-traded REIT, Healthcare Trust, Inc. These two properties represent the last of the three strategically planned majority-skilled nursing property sales in the state of Florida, after having already sold its SNF in Lutz earlier this year for $20 million, or a gain on sale of real estate investments of $3.8 million. Cushman & Wakefield handled all three property sales. Healthcare Trust acquired one of the communities, The Addington at Wellington Green in Wellington, Florida, seven years ago. Built in 2011, it features a 120-bed... Read More »
Ziegler Sells Two Healthpeak Properties/Brookdale Senior Living CCRCs
Ziegler’s Dan Revie Tedd Van Gorden represented Healthpeak Properties in the sale of its last two entrance-fee CCRCs that were part of its joint venture with Brookdale Senior Living. The deal includes Foxwood Springs, a 434-unit campus in Raymore, Missouri, and Robin Run, a 457-unit campus in Indianapolis, Indiana. Both were originally part of the National Benevolent Association portfolio that went through bankruptcy proceedings over a decade ago. And after Healthpeak bought out Brookdale’s interest in the joint venture in Fall 2019, these were the only two campuses excluded from that transaction. Subsidiaries of the Texas-based not-for-profit Boncrest Resource Group acquired the... Read More »Schedule a demo
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