• Grandbridge Arranges Two Seniors Housing Sales

    Not long after making the move from Cushman & Wakefield to Grandbridge Real Estate Capital, the Tampa-based team of Allen McMurtry, Dave Kliewer and Jay Jordan announced a couple of seniors housing sales. First, they were tapped by the owner of an independent living/assisted living community near Springfield, Massachusetts... Read More »
  • Colliers International Announces Florida Portfolio Deal

    Damien and Ken Carriero of Colliers International kicked off their 2021 campaign with the sale of three assisted living communities totaling 180 units and 313 beds in Florida. Previously owned by Florida Seniors Properties, Inc., these communities are located in Port Richey, Casselberry and Zephyrhills, with an average occupancy of just... Read More »
  • Plains Commercial Sells Oklahoma SNF

    Daniel Morris, formerly of CBRE but now Founding Partner of Plains Commercial Real Estate in charge of seniors housing investment sales and leasing, has arranged the sale of a small skilled nursing facility in Fairland, Oklahoma. Featuring 29 beds, the facility was built in the mid-1960s with a small footprint of just about... Read More »
  • Keybank Secures Fannie Mae Refinance For Five Communities

    KeyBank Real Estate Capital secured Fannie Mae financing for a portfolio of five seniors housing communities in several states operated by Enlivant. The long-term, non-recourse debt was secured by Charlie Shoop at an attractive interest rate. Plus, KeyBank’s Tim Sylvain, Paul Di Vito and Patrick Gilbreath originated and structured a balance sheet... Read More »
  • Watercrest Expands Into Virginia

    Watercrest Senior Living Group announced the groundbreaking of its first seniors housing community in the state of Virginia. This will also be the furthest north development in Watercrest’s portfolio, so far, as the Florida-based developer/operator has plans to expand its Mid-Atlantic offering. In yet another... Read More »
Watercrest Expands Into Virginia

Watercrest Expands Into Virginia

Watercrest Senior Living Group announced the groundbreaking of its first seniors housing community in the state of Virginia. This will also be the furthest north development in Watercrest’s portfolio, so far, as the Florida-based developer/operator has plans to expand its Mid-Atlantic offering. In yet another first, Harbert Seniors Housing Fund II is beginning its relationship with Watercrest on this development.  Set in Richmond, the community will feature 98 units of assisted living and memory care plus many of the luxury amenities typical of a Watercrest community, including a fireplace, theater, salon/spa, a scotch and cigar... Read More »
Live Oak Bank’s Construction Lending Spree

Live Oak Bank’s Construction Lending Spree

There’s no doubt that construction lending has slowed, and the loans that do close are much more conservative and now almost always require some sort of recourse. Nevertheless, Live Oak Bank closed three construction financings in December alone, capping off a successful year for the bank’s senior care lending platform.  First was an $8.5 million loan for a to-be-built senior living community in Reidsville, North Carolina. ALG Senior had controlled a Certificate of Need to operate assisted living in the county for many years and eventually purchased a 12.5-acre site. The community will feature 58 units and 75 beds of both independent living and assisted living, and... Read More »
South Florida CCRC Funds Multi-Phase Expansion Project

South Florida CCRC Funds Multi-Phase Expansion Project

HJ Sims secured long-term, fixed-rate bond financing for a CCRC in Pompano Beach, Florida (Fort Lauderdale MSA). Set on 70 acres, not-for-profit John Knox Village has been serving the local community for more than 50 years. It features nearly 1,000 units of mostly independent living, with a 64-unit assisted living community and a 194-bed skilled nursing facility.   It is continuing to grow, with a $3.9 million welcome center with sales, marketing and discovery rooms, in addition to conference rooms and a nearly 2,500-square foot open-air space for communal gatherings, going up this spring. A massive aquatic center is replacing a small pool area with a resort-style... Read More »
HJ Sims Secures Financing For CCRC Expansion

HJ Sims Secures Financing For CCRC Expansion

We mentioned last week that the lending market for not-for-profit CCRCs has been quite active, particularly to fund expansion projects, and another one was announced by HJ Sims.   Sims raised $38.18 million for Presbyterian Villages of Michigan (PVM), a Michigan-based not-for-profit that has been operating since 1945. Sims’ relationship with PVM began in 2015 when they underwrote a bond issue and then continued to provide advisory services.  In 2002, PVM acquired land adjacent to its Village of East Harbor campus for an expansion project. Sixteen years later, they opened a new health and wellness center. The current financing by HJ Sims will finance the... Read More »
Cain Brothers Finances North Carolina CCRC Expansion

Cain Brothers Finances North Carolina CCRC Expansion

A CCRC in Greensboro, North Carolina is about to embark on a massive expansion with the backing of a bond financing underwritten by Cain Brothers, a division of KeyBanc Capital Markets. Founded over 100 years ago as the first Masonic retirement community, the not-for-profit WhiteStone, which is owned by The Masonic and Eastern Star Home of North Carolina, is set on a 43-acre campus. It has been managed by Life Care Services since 2006.   LCS Development is handling the expansion, which will feature 67 additional independent living units, a 36-unit assisted living/memory care building and an extensive renovation of the existing 20-year-old skilled nursing facility which will convert many... Read More »
Sinai Residences of Boca Raton Embarks on IL Expansion

Sinai Residences of Boca Raton Embarks on IL Expansion

Sinai Residences of Boca Raton, a 366-bed/unit CCRC in southeast Florida managed by Life Care Services, obtained a large bond financing to fund an independent living expansion that will grow its IL offering by nearly 50%. Just four years ago, the community opened with 234 independent living units, 48 assisted living units, 24 memory care units and a 60-bed skilled nursing facility, all at a cost of $265 million, or nearly $725,000 per unit/bed.   Upon the ribbon cutting, all of the IL residences were already sold, and about $90 million of entrance fee principal redemption bonds helped fund the project in addition to another $124 million fixed-rate bond financing, both arranged by HJ Sims.... Read More »