Sabra Health Care REIT Plans to Diversify
Sabra Health Care REIT’s plan to diversify its assets away from mostly skilled nursing is underway, with its growing behavioral health portfolio representing a total investment of approximately $730 million with a weighted average cash yield of over 8%. The REIT’s portfolio currently includes 272 skilled nursing/transitional care facilities, 55 leased seniors housing communities, 50 seniors housing communities operated by third-party property managers, 15 specialty hospitals/other facilities, and finally, 14 behavioral health facilities. So, Sabra is not morphing into a behavioral health giant, per se, but the sector represents 13% of its annualized cash NOI, and is still growing. However,... Read More »Avenida Partners Building New AA Community in Folsom
Cushman & Wakefield exclusively advised Avenida Partners in the procurement of $70 million in joint venture equity and construction financing for its to-be-built active adult community in Folsom, California (Sacramento MSA). The general partner equity was provided by Blue Mountain Enterprises, and the limited partner equity was provided by Argosy Real Estate Partners. Comerica Bank provided the construction financing. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer worked on the transaction. Avenida Folsom will be a trophy 154-unit active adult community featuring abundant amenity spaces and valley views from a fourth-floor sky terrace. The... Read More »VIUM Capital Secures Six Bridge Loans and a HUD Refinance
VIUM Capital followed up its $1.3 billion in transaction volume for the first half of 2022 with a healthy $100 million in closed transactions across seven properties in July. The activity comprised six bridge loans and one HUD refinance in six states from Pennsylvania to Washington. The $13.68 million HUD loan was arranged for a 199-bed CCRC in Arizona. A not-for-profit acquired the property in January 2021 with the help of an acquisition bridge loan also secured by VIUM. It features 12 independent living units, 93 assisted living units and 94 skilled nursing beds. The largest loan, totaling $20 million, was arranged for a 120-bed skilled nursing facility in Ohio to refinance $9 million... Read More »Forefront Living Building New Plano Campus
Chicago-based investment bank Ziegler closed $197 million in tax-exempt and taxable bonds to fund the ground-up construction of Outlook at Windhaven Forefront Living. Set in Plano, Texas, the community will consist of 153 independent living units, 32 assisted living units and 24 memory care units. Its owner, Forefront Living, a Texas not-for-profit organization formerly known as Presbyterian Communities and Services, will also operate the community. The bonds consist of $109.5 million Series 2022A tax-exempt bonds, $88.2 million Series 2022B tax-exempt mandatory paydown securities, and $1.3 million in Series 2022C taxable bonds that were sold publicly to institutional investors. The... Read More »Greystone Affiliate Builds Low-Income Seniors Housing
Greystone affiliate America First Multifamily Investors, L.P. (ATAX) announced that it has purchased $72 million in tax-exempt and taxable mortgage revenue bonds for the acquisition of land and construction of a 200-unit seniors affordable housing property in Los Angeles. The community will be named Residency at the Entrepreneur and will provide housing for seniors earning a range of 30% to 80% Area Median Income. In addition, 99 of the units will be master leased by The People Concern, whose constituents are seniors, individuals at risk of homelessness, and low-income families. At completion, the community will be owned by Residency at the Entrepreneur, LP, a California limited... Read More »Schedule a demo
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