Sunrise Senior Living Develops in Florida
Sunrise Senior Living announced it has broken ground on its first community in Coral Gables, Florida. Sunrise of Coral Gables is expected to open in the fall of 2024 and will offer 141 units, including 66 independent living, 54 assisted living and 21 memory care units. Sitting on 1.8 acres, the site will also feature a range of amenities, including a bistro, a fitness center, a salon, a spa, and outdoor spaces. The new community in Coral Gables is part of the company’s ongoing expansion plans. Read More »
The New Team at Tremper Capital Group
The former Greystone, and now Tremper Capital Group (TCG), team placed a couple of bank loans to refinance Merrill Gardens communities in California and South Carolina. The larger loan totaled $30 million and came with a five-year term, 30-year amortization and a floating interest rate. There are also three years of interest-only payments and a mid-200 bps loan spread. A regional bank provided the loan to AEW Capital Management and Merrill Gardens to refinance their West Covina community, which has 111 units of independent living, assisted living and memory care. Tyler Armstrong of TCG represented AEW and Merrill Gardens in the transaction. Mr. Armstrong also placed a $27.05 million... Read More »
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 »Schedule a demo
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