BMO Harris Finances LCS Construction in New Jersey
BMO Harris Bank’s Healthcare Real Estate Finance group followed up on its large construction financing closed for LCS and an institutional partner to develop a 220-unit senior living community in New Jersey with another construction loan. The $19.4 million construction loan will support the renovation of a Sunrise Senior Living community in Redmond, Washington. Originally built in 1999, the community has 110 units of assisted living and memory care. Its renovation will include redoing the bathrooms, fixtures, furnishings and all the common areas. The loan came with an initial term of four years. Read More »
PGIM Provides Financing For Harrison Street Acquisition
The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas. Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and... Read More »
MidCap Financial Closes Acquisition Debt For Healthpeak
MidCap Financial closed acquisition debt for another Healthpeak divestiture. Announced in May, the REIT sold five of its SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There was a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in the past four years. Private equity firm Fortress Investment Group paid $64... Read More »
Meridian Closes Eight More Property Transactions
We’ve said before that Meridian Capital Group is having quite a year, but the firm just closed another $113 million in transaction volume for a total of eight senior care and healthcare properties in five states. So, they have no plans for a summer vacation, apparently. Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb, Jacob Scott and Rafi Sod negotiated the transactions and have reached $2.8 billion in deals closed to date in 2021. The team first arranged $37 million in senior and mezzanine financing for the construction of a senior living community in South Carolina that will include 54 assisted living, 48 independent living... Read More »
Oxford Finance Backs Acquisition of Four Texas SNFs
Oxford Finance helped finance the acquisition of four skilled nursing facilities in Texas with a senior credit facility totaling $27.5 million. Cascades Healthcare, an owner/operator of 15 skilled nursing facilities in Utah and Idaho, is the borrower, branching out into the Lone Star State for the first time. The facilities total 647 licensed beds. We learned of the deal earlier this month when Alec Blanc of Monarch Advisors announced his structuring of the transaction. Making up the credit facility was a $21 million acquisition loan that came with a three-year term and interest-only payments for the first two years, a $3 million revolving line of credit for working capital, and a $3.5... Read More »Schedule a demo
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