New Perspective Accelerates Growth Mode
New Perspective Senior Living, a fast-growing senior living company with 40 communities across eight states, secured more than $200 million in bridge debt, preferred equity and common equity with its partners, BMO Commercial Real Estate, Fengate and Boldt, to facilitate the acquisition and financing of six senior living communities with over 800 combined units. The joint venture has established a programmatic relationship to pursue $500 million in future acquisitions and developments. One of the senior living communities is situated in West Fargo, North Dakota. Four others are in Wisconsin, encompassing the areas of Sun Prairie, Brown Deer, Franklin and Waukesha. The sixth community is in... Read More »
Helios Handles (and Helps Finance) Alabama Deal
Helios Healthcare Advisors was engaged by a Mississippi-based regional owner/operator in its sale of an assisted living and memory care community in Alabama. The seller, Veritas InCare, was divesting to exit the industry. The selected buyer was a local owner/operator. Andrew Wittenauer, Mario Santiago and Bill Janis of Helios handled the transaction. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to utilize its existing lending relationships to fund the purchase. So, Helios structured a financing package with a regional lender that recapitalized the buyer’s existing community to unlock equity, while simultaneously... Read More »
Investment Firm Acquires in Minnesota
JLL Capital Markets arranged the sale and financing, secured through Freddie Mac, for a Section 8, affordable seniors housing community in Stillwater, Minnesota. Rivertown Commons features 96 units across seven stories with 55,800 total square feet. JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm that specializes in affordable and workforce housing. The buyer intends to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions. The JLL Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.... Read More »
Lument Closes Bridge Loan to Finance Three Senior Living Assets
Lument announced the closing of a $9 million bridge loan, which was funded directly from Lument’s balance sheet, to finance The Cottages Assisted Living and Memory Care, a portfolio of three properties in the Boise area: Alpine Meadows, The Cottages of Boise and The Cottages of Lochsa Falls. Rob McAdams handled the transaction. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living community in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care communities in Garden City and Meridian, respectively. The loan terms include... Read More »
First Citizens Refinances Class-A Community
First Citizens Bank’s Healthcare Finance business provided a term loan to refinance a Class-A senior living community in a desirable location. GenCare Lifestyle Tacoma at Point Ruston comprises 159 units across six stories in Tacoma, Washington. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer in 2020, with GenCare Lifestyle, another joint venture partner, as the operator. Read More »Schedule a demo
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