Dwight Capital Announces 4th Quarter Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $191 million in seniors housing and healthcare financing during the fourth quarter of 2022. One highlight included a $39 million bridge loan to facilitate the acquisition of a two-property skilled nursing portfolio in Fort Lauderdale, Florida: Manor Oaks and Manor Pines. The facilities are three miles apart and comprise 322 beds across approximately 111,800 square feet. Adam Offman originated the transaction. Mr. Offman also originated a $24.2 million bridge refinance for a portfolio of two SNFs in Columbus and Rome, Georgia: River Towne Center and Etowah Landing. Together, the facilities have 310 beds and encompass... Read More »
Cain Brothers Handles Massachusetts SNF Bond Financing
Cain Brothers, a division of KeyBanc Capital Markets, has announced the closing of a $24.6 million Massachusetts Development Finance Agency Revenue Bond on behalf of D’Youville Senior Care in Lowell, Massachusetts, and its sponsor, The Carmelite System. Proceeds from the bonds were used to refinance two existing bank loans, fund capital improvements on the D’Youville’s campus and pay costs of issuance. The refinancing addressed future interest rate risk by avoiding future expensive call premiums on the prior loans and providing near-term cash flow relief to D’Youville. In addition, Cain Brothers served as swap advisor to the sponsor on a long-dated, fixed-pay interest rate swap with a... Read More »
Kandu Capital Refinances Its Turnaround Property in Indiana
Kandu Capital, LLC, a real estate and health care-focused family office, and its seniors housing operating company, Bloom Senior Living, refinanced its 78-unit assisted living/memory care community in Kokomo, Indiana. Bloom at Kokomo was acquired in May 2019 from Capital Senior Living Corporation (now Sonida Senior Living) for $5 million, or $64,000 per unit. At the time, occupancy was 80%, revenue was just over $3 million, and the community was losing money. However, Bloom management projected EBITDA could grow to at least $750,000. And we profiled the turnaround late last year in a story called “A Successful Turnaround, Twice.” Long story short, in just over three years and during the... Read More »
Blueprint Sells Nebraska Community & Helps Arrange Acquisition Financing
Cedarhurst Senior Living acquired a well-occupied senior living community in Omaha, Nebraska, from a multi-asset class Midwestern developer. The A-quality building features 110 units of assisted living and memory care, and was consistently above 95% occupancy throughout the sale process. Still, there was upside in rental rates, and expenses could be potentially reduced under new ownership. So, the seller engaged Brooks Blackmon and Alex Florea of Blueprint Healthcare Real Estate Advisors to market and sell the property. Ultimately, Cedarhurst, a vertically integrated developer, owner and operator, emerged from a competitive bidding process to buy the community and retained Blueprint... Read More »
CBRE Does Double Duty on Two Transactions
The CBRE National Senior Housing Investment Properties team completed the sale of two Class-A communities in the last couple of weeks of December. Not only that, CBRE’s Debt & Structured Finance team helped finance both transactions. First, CBRE’s John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented Harrison Street and Bridgewood Property Company in the joint venture’s sale of The Village at River Oaks in Houston, Texas. Opened in 2017, the mid-rise community features 198 units of independent living, assisted living and memory care. CBRE had been involved with the property since arranging development financing for it in 2015. In August 2019, the firm then refinanced that... Read More »Schedule a demo
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