Newmark Reports Slew of February Deals
The Newmark seniors housing team reported an active February, with six investment sales and four significant debt transactions. First, outside of Chicago, the team sold Clarendale of Mokena, a 156-unit seniors housing community featuring independent living, assisted living and memory care services. The community was built in 2015 by Ryan Companies and operated by LCS, which was doing a great job with the community nearly full. Margins were also strong in the high 30s. It was sold as part of a very competitive marketing process, but pricing was not disclosed. Next, Newmark sold Residences of Thomas Circle, a seniors housing community at an irreplaceable site in Washington, D.C. It had... Read More »
AEW Capital Management Divests to Joint Venture
Berkadia Seniors Housing & Healthcare handled the sale and financing of The Sheridan of Green Oaks, which Town Lane and Arcole acquired, marking the joint venture’s fifth seniors housing investment in their inaugural $1.25 billion real estate fund. Built in 2016 by Senior Lifestyle Corporation, the Class-A community comprises 78 independent living, 64 assisted living and 56 memory care units in Lake Bluff, Illinois (Chicagoland). The joint venture will bring Solera Senior Living on to manage the newly acquired property. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare handled the sale on behalf of AEW Capital Management. Garrett... Read More »
Another Firm Commitment Secured through The Express Lane
NewPoint Real Estate Capital has received its second firm commitment through the HUD Express Lane program. Back in June, when the Express Lane was launched, NewPoint received the first firm commitment the program had issued. In that transaction, a 54-unit memory care community secured approval in less than a week from submission. In the more recent transaction, NewPoint received its second firm commitment within only seven business days. This time, a 130-bed skilled nursing facility in the Hartford, Connecticut MSA, secured the refinance. Since 2023, the owner has invested more than $2.5 million to fully modernize the facility, including upgrades to resident rooms, therapy and memory care... Read More »
RiverSpring Living Develops First NYC CCRC
Ziegler and HJ Sims, as co-managers, completed a $632.9 million tax-exempt bond financing for not-for-profit RiverSpring Health Living, Inc. Proceeds of the issue will be used to develop River’s Edge, a new CCRC set to comprise 260 independent living units on RiverSpring Living’s existing 32-acre campus in the Riverdale section of the Bronx, New York, overlooking the Hudson River, the Palisades, the George Washington Bridge and the Manhattan skyline. The project, the first phase of a planned two-phase development, will sit on land leased from the Hebrew Home at Riverdale, the skilled nursing component of the RiverSpring Living campus. At financing, the project had secured presales on... Read More »
Acquisition Financing Secured for Skilled Nursing Portfolio
Capital Funding Group closed a bridge financing for the acquisition of four skilled nursing facilities, featuring a total of 487 beds, across Colorado, Alabama and Arizona. The portfolio sold for $51.2 million, or $105,100 per bed, to an operator looking to expand its portfolio. CFG intends to bring the loan to HUD for a permanent refinance. CFG Managing Director and Co-Head of Healthcare Business Development Andrew Jones and Senior Associate Ava Julio originated the transaction for the company. Read More »Schedule a demo
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