Northmarq Arranges Construction Loan
Northmarq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud and Mike Lowry arranged a $38.1 million loan for the construction of Lake Forest at Swift Creek in Midlothian, approximately 15 miles west of Richmond. Set on 11.7 acres, the active adult community will have 176 units in four stories, and is being developed by The Holladay Corp., a real estate development and investment firm based in Washington, D.C. The community will open in 2024. Sandy Spring Bank provided the debt for the development. Read More »
Berkadia Announces Three Hires
There was some big news out of Berkadia, which announced the addition of Managing Directors Austin Sacco, Cody Tremper and Mike Garbers to its Seniors Housing & Healthcare team. Tremper and Garbers will report to SVP and Co-Head of Investment Sales and Production Mike Miner, and Sacco will report to SVP and Head of FHA and Seniors Housing Finance Steve Ervin. The trio bring a combined 48 years in the seniors housing industry with experience across a variety of asset classes. Coming from JLL, Garbers has over 20 years of experience in the seniors housing industry and has been involved in developing, acquiring and selling over $8 billion in seniors housing properties throughout the... Read More »
About Time, AlerisLife Going Private
The stable of publicly traded seniors housing and care operators continues to shrink, but AlerisLife (ALR) probably should have gone private a couple of years ago having dealt with all of the cons (and SEC fees) of being publicly traded with few benefits. Well, the company announced that it has entered into a definitive agreement with ABP Acquisition LLC (ABP), which is majority-owned by AlerisLife Board of Directors chair Adam Portnoy, for ABP to acquire all outstanding shares of ALR common stock for $1.31 per share in case. That represents an 85% premium to the average trading price of the last 30 trading days of $0.71 per share, or approximately $43.8 million. ABP plans to acquire ALR... Read More »
Erickson Senior Living Planning Big Tampa Bay Project
It may be up for debate exactly when seniors housing development kicks back into high gear to prepare for the oncoming baby boomers, but Erickson Senior Living is planning its next project at its typically large scale to include more than 1,000 units of seniors housing in Lakewood Ranch, Florida. The company is seeking site approvals from Manatee County to build 1,020 independent living units in addition to a 250-bed skilled nursing facility on the site. Phase I of the project would include 660 apartments, and phase II would consist of 360 units along with parking, utility and stormwater infrastructure. There would also be pedestrian bridges that would connect the 10 buildings. Completion... Read More »
Rockwood Capital and Doyenne Healthcare Capital Announce Joint Venture
Rockwood Capital and Doyenne Healthcare Capital have announced a new seniors housing joint venture to invest up to $100 million of equity in seniors housing assets across the United States. Doyenne Healthcare Real Estate is a women- and minority-owned real estate investment firm that was established in August 2022 and is headquartered in Chicago, Illinois. Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States. Financial terms... Read More »Schedule a demo
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