Keeping the pace
Aron Will of CBRE had yet another prolific month (after an already busy 2015), closing four transactions. Included in his totals were two acquisition financings (for the MorningStar Senior Living Colorado portfolio and Capitol Seniors Housing’s Seattle-area acquisition) already detailed in previous weeks. Mr. Will also recently arranged a $32.3 million 10-year Fannie Mae loan, with a fixed interest rate and 54 months of interest-only. The borrower, Westmont Living, will use the funds to refinance its 138-unit independent/assisted living community in Chico, California. Already with a 94% occupancy rate at the community, Westmont may look to convert a number of units to memory care in order... Read More »
CareTrust eyes Iowa
Just before Iowans gathered to caucus and politicians readied to leave the Hawkeye State, CareTrust REIT closed on its major move into Iowa, acquiring a nine-facility skilled nursing portfolio that included 518 operating beds for $32.7 million, or $63,127 per bed. CareTrust will lease the facilities to operator Trillium Healthcare Group through an amendment to their existing master lease, which carries an initial term of 14.5 years, two five-year renewal options and CPI-based rent escalators. Initial annual rental revenue is approximately $3.16 million, for a cash yield of 9.7%. On the same day in a separate transaction, CareTrust acquired a 30-unit assisted living/memory care community in... Read More »New opportunity for shuttered SNF
Tampa, Florida-based real estate investor Liberty Group acquired a shuttered 120-bed skilled nursing facility in Nashville, Tennessee, with plans to convert it to a 90-unit assisted living community. Formerly owned by Signature HealthCARE, which operates some 30 long-term care facilities in the state, the facility closed in July 2015 following the loss of its Medicaid funding. The buyer, which owns and operates hotels and assisted living communities primarily in the Southeast, paid $1.8 million, or $15,000 per bed, and will rename the facility Bristol Terrace Assisted Living. Read More »Back in the game
The Carlyle Group is jumping back into the seniors housing acquisition market with the announcement of two deals. First, the private equity firm purchased a 226-unit seniors housing community in Tampa, Florida with the help of a $28.7 million loan arranged by Jay Wagner and Timothy Hosmer of Cushman & Wakefield and procured from a regional bank. Carlyle plans to use some of those funds to also significantly renovate the property, enhance its amenities and reposition the independent living, assisted living and memory care into separate buildings. The company, teaming with Greystar, also acquired a 101-unit independent living community in Fort Worth, Texas for $22 million, or $217,822... Read More »
Knapp hits a double
Jim Knapp of Marcus & Millichap has been busy in the state of Michigan lately, closing two transactions in the last few weeks, totaling over $12 million. Starting in the town of Flushing (located just upriver from Flint), Mr. Knapp sold a 52-unit assisted living community that included two buildings with 40 assisted living/memory care beds and a separate 20-bed advanced memory care community located about a mile away. This was the last owned seniors housing property by the seller, a local partnership that still currently operates a small memory care community within a hospital. Built in 2001, the two AL/MC buildings were well occupied at 90%, but experienced higher than normal... Read More »Schedule a demo
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