NorthMarq Capital Finances Washington Seniors Housing Community’s Past and Future
NorthMarq Capital continued its long-standing relationship with a 130-unit seniors housing community in Lynnwood, Washington, arranging Freddie Mac financing for the new owner. The community was developed by a joint venture between Living Care Lifestyles (the operator) and Morningside Development Group in late 2013 thanks to a $17.19 million four-year construction loan arranged by Stuart Oswald of NorthMarq. It included 85 independent/assisted living and 45 memory care units in a three-story building in the affluent Seattle suburb of Lynnwood. Lease-up went quickly, and in the middle of that process, ownership obtained a cash-out refinance totaling $32.5 million with a three-year term and... Read More »
HFF Sells Austin-Area Post-Acute Care Facility
The team at HFF, including David Fasano, Ryan Maconachy and Chad Lavender, represented Meridian Realty Advisors in their sale of a 140-bed post-acute care facility in Bee Cave, Texas (Austin MSA). Built in 2013, which makes the property new among other post-acute care facilities, the facility was the only one of its kind in a four-mile radius, but was just 68% occupied. It also recently housed some 90 skilled nursing and assisted living patients from Rockport, TX, which was evacuated due to Hurricane Harvey. In fact, the 18 assisted living residents stayed in the temporarily outfitted therapy gym for one night before being transferred to another facility. The other 72 skilled nursing... Read More »
All Hands On Deck For CBRE’s Latest Sale
CBRE had their hands full in a large Dallas-area CCRC sale, representing one of the selling entities and the buyer in the transaction, in addition to arranging a two-part acquisition financing totaling over $120 million. Totaling 1,104 rental units, which is separated out into 37% skilled nursing, 28% independent living, 24% assisted living and 11% memory care units, this portfolio was owned by Fortress Investment Group and Life Care Services, which held a lease-hold interest and operated (and will continue to operate) the communities. Properties ranged from 153 units to 267 units and were approximately 35 years old, all located in the Dallas MSA. Aspect Investment Partners, a global... Read More »
Meridian Capital Group Closes Almost $200 Million In Three Financings
Meridian Capital Group made news this month, closing nearly $200 million in financings in three separate transactions. The largest, by far, was a $136 million acquisition loan that financed the purchase of 10 skilled nursing facilities located throughout Ohio. A balance sheet lender provided the loan, which came with a five-year term, 25-year amortization schedule and six months of interest only. And the team of Ari Adlerstein, Ari Dobkin, Josh Simpson and Corey Schwartz of Meridian worked with multiple lenders to close the deal within 52 days, and before the end-of-year deadline. The same team also secured a $42 million bridge-to-HUD loan, with a 36-month term, on behalf of a company... Read More »
CIT Funds CommuniCare Acquisition
CIT’s Healthcare Finance business closed on a $136.9 million senior secured credit facility on behalf of CommuniCare Health Services. An active skilled nursing facility acquirer in recent years, with large portfolio purchases in Maryland, Ohio, West Virginia and Virginia, CommuniCare currently operates 73 facilities in seven states. It’s looking to expand further, however, and acquired 10 skilled nursing facilities in Ohio, with the help of the $121.9 million term loan secured by CIT. Making up the rest of the credit facility was a $15 million revolving asset-based line of credit, which provides CommuniCare ongoing working capital financing. CIT served as the administrative agent on the... Read More »Schedule a demo
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