Michigan IL Portfolio Sells to Midwest-Based Owner/Operator
Berkadia announced the sale of a portfolio of five independent living communities throughout the Detroit, Michigan MSA. Brooks Minford of Berkadia Seniors Housing & Healthcare closed the 631-unit transaction on behalf of a local multifamily developer/owner/operator. The firm originally developed the portfolio, but the time had come to pass the torch to a new owner with more resources and experience in seniors housing. The portfolio was purchased by a Midwest-based owner/operator of seniors housing communities seeking to expand its footprint in Michigan. No additional details were disclosed. Read More »
Phorcys Capital Partners Expands its Seniors Housing Footprint
Phorcys Capital Partners acquired a stabilized seniors housing community in Clermont, Florida, through Phorcys Senior Housing Recovery Fund LP. Built in 2002 and expanded in 2014, Hunt Trace Senior Living sits on six acres and features 114 assisted living and memory care units. Impact Senior Living will operate the community. The community was part of a portfolio financed by municipal bonds, which fell into default during the pandemic. The asset was acquired through a court-appointed receivership sale at an attractive basis. Phorcys plans to invest approximately $1.5 million in the community over the next year to modernize the plant. Phorcys’ seniors housing platform has now invested... Read More »
Brookdale Secures Acquisition Financing
CBRE arranged two acquisition financings totaling $241 million across two seniors housing portfolios on behalf of Brookdale Senior Living. Aron Will and Matthew Kuronen arranged the two financings. CBRE originated $130 million in loans through its Freddie Mac Optigo loan origination program for Brookdale’s acquisition of five communities comprised of 533 independent living, assisted living and memory care units across four states. The non-recourse mortgage financing has a ten-year term with five years of interest only. CBRE sourced $161 million through a three-year floating rate loan from Ally Bank, an existing Brookdale lender, including a combination of new loan proceeds and the... Read More »
Blackstone Sells Wisconsin Asset
Newmark followed up on its closing of Carlisle Palm Beach with the sale of Harbour Village, a well performing seniors housing community in the Milwaukee MSA. Located in Greendale, Wisconsin, the community features 142 independent living, 38 assisted living and 44 memory care units separated across three buildings. The majority (82%) of IL units are two-bedroom apartments, and a plurality of AL units (40%) also have two bedrooms. The community was built from 1988 to 1999 and subsequently renovated in 2017 and 2024, with occupancy surpassing 90% as of October 2024. It also generated a near-40% operating margin. There are an additional 1.25 acres available for an expansion opportunity.... Read More »
Marcus & Millichap’s Recent Activity
Michael Mooney and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap sold a seniors housing community in Bellingham, Washington. Built in 1978, the community comprises 66 assisted living units and 70 beds. It was not stabilized, although there was some positive cash flow and occupancy was in the mid-80s. The deal was initially marketed more than a year ago, and Stahler and Mooney eventually secured the best bid from a regional operator with a pre-existing footprint in the Bellingham market. The improving capital markets, operating and M&A environments across that period helped push that final purchase price up, as well. No additional details were disclosed. In another... Read More »Schedule a demo
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