CBRE Refinances Community in Oregon
Harrison Street and The Springs Living recently refinanced its jointly owned seniors housing community in Lake Oswego, Oregon (Portland MSA), with the help of Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing. CBRE had also arranged the original construction loan for the community in 2017, so the team was clearly familiar with it. They secured a non-recourse, four-year loan, with a floating rate and three years of interest only, through a national bank. Opened in 2019 with 216 independent living, assisted living and memory care units, the community also features amenities like a rooftop deck with covered dining and a wine bar, an indoor heated swimming pool and hot tube,... Read More »
X-Caliber Arranges Financing for SNF Portfolio in New England
A portfolio of 10 skilled nursing facilities in Massachusetts and Connecticut has been sold to an experienced and highly regarded owner/operator with financing in hand from X-Caliber Capital. The $100 million loan comes to about $70,000 per bed in debt, placing the purchase price somewhere above that. Built in the 1980s and 1990s and totaling 1,416 skilled nursing beds, the properties are cash flowing and have occupancy around 85%. The purchase price and other details are undisclosed. Read More »
CIBC Arranges Financings for Several SNF Purchases
One side to the surge in M&A activity in the last couple of weeks is the financing side of it, and CIBC Bank USA announced a couple of acquisition loans for skilled nursing purchases. CIBC’s Adam Panos first closed a $91 million loan with a three-year term for Summit Healthcare REIT’s acquisition of eight skilled nursing facilities totaling 826 beds. The purchase price came to $130 million, or $157,000 per bed, and brings the private REIT’s total 2021 investment in skilled nursing M&A to $150 million. Summit is leasing the facilities back to a local operator on a triple-net basis. CIBC served as the sole senior lender, and Oxford Finance also worked on financing the deal. Next,... Read More »
Meridian Closes Slew of Transactions to End 2021
It was a banner year for Meridian Capital Group’s Senior Housing and Healthcare Team, which closed more than $5.5 billion in transaction volume in 2021, including $918 million in transactions for 56 seniors housing and healthcare facilities in 16 states over the last month to end the year. These transactions were negotiated by Senior Managing Directors and Co-Heads of Meridian’s Senior Housing and Healthcare Team, Ari Adlerstein and Ari Dobkin; Managing Director, Josh Simpson; Vice Presidents, Matt Lesnik, Jesse Rauch, and Rafi Sod; and Senior Associates, Yuval Hananya, David Gottlieb and Jacob Scott. The team’s December transactions include several refinances, including a $130... Read More »
JLL Arranges Refinance for Texas Community
JLL Capital Markets arranged a $37.5 million refinance for Hidden Springs of McKinney, a 194-unit independent living/assisted living/memory care community in McKinney, Texas. Joel Mendes and Jason Skalko represented the borrower, a joint venture between CREC Real Estate and Madison Marquette, in securing a non-recourse, fixed-rate loan through a life insurance company. The loan came with a five-year term, with extension options. Completed in 2020, Hidden Springs of McKinney features large units and high-end finishes, with plentiful amenities like an indoor pool, fitness center and dog park. Read More »Schedule a demo
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