National Health Investors Expands Navion Relationship
National Health Investors expanded its relationship with Navion Senior Solutions, announcing an acquisition, funding of a community expansion project and funding of a corporate loan for the operator to put towards future development costs. The investments total approximately $13.2 million. First, NHI acquired a 48-unit assisted living/memory care community in Manchester, Tennessee, adding it to an existing master lease with Navion which has a 12-year maturity, 2.5% annual escalators, and two five-year extensions. The community was purchased for $6.5 million, or $135,400 per unit, excluding about $100,000 of closing costs. That results in an initial yield of 7.5%. NHI also provided... Read More »
Welltower Announces Investments, Credit Facilities & a New Hire
Welltower came out with a flurry of announcements yesterday, all significant and all seemingly good news. To start, John Burkart was appointed Executive Vice President, Chief Operating Officer and will start on July 19. Already ensconced in the REIT world, Mr. Burkart comes from the multifamily sector, having spent 25 years at Essex Property Trust where he rose to Senior Executive Vice President and Chief Operating Officer. At Welltower, he will assume responsibilities for platform-wide operations, asset and portfolio management, data analytics, research and joint venture partnerships, utilizing a data-driven approach to drive platform efficiencies, capital allocation decisions and... Read More »
CIBC Bank USA Refinances California Portfolio
CIBC Bank USA recently closed a $76 million transaction for a California-based operator to refinance acquisition debt on three formerly distressed properties in the Golden State. Those properties include two skilled nursing facilities and one assisted living community. The deal included a $60 million term loan and a $16 million working capital facility. The term loan will also help support the company’s overall balance sheet, while the working capital will be used across the 13 properties and more than 1,000 beds in the operator’s portfolio. Read More »
Columbia Pacific Secures Construction Financing for Virginia Project
Live Oak Bank closed a $26.1 million construction loan for the development of a 126-unit assisted living (90 units) and memory care (36 units) community located in Chesapeake, Virginia. The loan came with a five-year term, but no other details were disclosed. Columbia Pacific Real Estate Fund III, LP is developing the project, which is situated on 6.63 acres. Leisure Care, a consistent partner of CPA, will operate it going forward. This represents Live Oak Bank’s second loan closing with CPA in the last six months. Read More »
Ziegler Closes Bond Financing For North Carolina CCRC
Ziegler successfully funded a major expansion of a not-for-profit CCRC in Durham, North Carolina. The Forest at Duke, which is located just south of the Duke University campus, opened in 1992 as a Type-B community. It currently serves over 360 residents across 154 independent living apartments, 88 IL cottages, 34 assisted living units and 58 licensed skilled nursing beds, four of which are certified for Medicare and none for Medicaid. The board decided it was time to expand and released plans to add a replacement health and wellness center that will include 32 assisted living and 58 skilled nursing units in a “small house” format in a five-story building. Each household... Read More »Schedule a demo
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