CBRE Returns to Seattle Area For Portfolio Refinance
CBRE Senior Housing arranged a refinance for a portfolio of four senior living communities in the Seattle, Washington area. A joint venture between Capitol Seniors Housing and The Carlyle Group originally acquired the portfolio in 2016. Featuring a mix of independent living, assisted living and memory care services, with 368 units in total, the properties are located on in-fill sites in affluent submarkets. They average around 25 years in age. MBK Senior Living took over operations from Merrill Gardens after the 2016 acquisition and has overseen some significant capital improvements across the portfolio. Five years ago, CBRE arranged more than $60 million in acquisition/renovation... Read More »
Northland Networks Funds Louisville-Area Construction Project
Northland Networks announced that it provided construction debt for a seniors housing project in an Indiana suburb of Louisville, Kentucky. We learned a couple of weeks ago of Monarch Advisors’ involvement in the deal, with Alec Blanc sourcing the loan. Denton Floyd Real Estate Group is responsible for developing the community, which is one of several senior living projects it has planned in the Louisville area. This community will feature 115 assisted living and 16 memory care units, all private pay. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory care. Vitality Senior Services, an... Read More »
ORIX Secures Bond Financing for Minneapolis-Area Acquisition
ORIX Corporation USA secured a bond financing to support the acquisition of five seniors housing communities in the Minneapolis, Minnesota metro area. The transaction consisted of both tax-exempt and taxable debt and totaled $44.8 million. Coventry Properties of Minnesota, a fully integrated real estate development community that focuses on high-acuity seniors housing in Minnesota, was the borrower, adding 153 units of assisted living and memory care to its portfolio. ORIX’s Municipal and Infrastructure Finance business, which is led by Rob Wetzler, handled the transaction. Read More »
JLL Capital Markets Does Double Duty
JLL Capital Markets successfully sold and arranged acquisition financing for a large independent living community in the northern Detroit suburb of Southfield, Michigan. Featuring 298 units, the community is also primed to be converted into active adult, but we will wait and see if the new regional owner/operator (who is focused on that market) will do that. They paid $17 million, or $57,000 per unit, for the property and received $25.35 million in non-recourse financing to cover both the purchase and planned renovations. JLL’s David Gaines, Joel Mendes and Dav Macdonald worked on behalf of a private investor seller to complete the sale, while Trent Niederberger and Stephen Van Leer... Read More »
Dwight Capital’s Strong Q1 Activity
Dwight Capital’s first quarter is in the books, and it was an active three months for them to say the least. The firm financed $121.6 million across 12 transactions, including four HUD loans, seven bridge financings and one additional financing. Starting with the HUD deals, Dwight Capital first closed a $21.3 million loan for a 195-bed skilled nursing facility in Long Grove, Illinois. Built in 1996, the facility received a substantial renovation in 2016 and now includes a therapy gym, family lounges, spa and salon services, and sound proofing to promote rest. It last sold in 2016 to Cascade Capital Group for around $14.4 million, or close to $75,000 per bed. After the deal, Legacy... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
