Cushman & Wakefield Reports Strong End To Year
Cushman & Wakefield Senior Housing Capital Markets ended 2020 with a couple of sales (and a handful of both acquisition and construction financings too). First, on behalf of Healthcare Trust, Inc. (NASDAQ: HTIA), the team sold a 120-bed SNF in the Tampa, Florida market, representing the first of three Florida divestments totaling $118 million for HTIA. Cushman & Wakefield followed that up with a land sale in Cherry Creek, Colorado, an affluent submarket of Denver, for the development of a 137-unit independent/assisted living community. Titan Development sold the fully entitled site to a joint venture between Ryan Companies, Cadence... Read More »
Live Oak Bank’s Construction Lending Spree
There’s no doubt that construction lending has slowed, and the loans that do close are much more conservative and now almost always require some sort of recourse. Nevertheless, Live Oak Bank closed three construction financings in December alone, capping off a successful year for the bank’s senior care lending platform. First was an $8.5 million loan for a to-be-built senior living community in Reidsville, North Carolina. ALG Senior had controlled a Certificate of Need to operate assisted living in the county for many years and eventually purchased a 12.5-acre site. The community will feature 58 units and 75 beds of both independent living and assisted living, and... Read More »
Monarch Advisors Finances New Oregon Senior Living Project
Just before the end of the year, Alec Blanc of Monarch Advisors closed a construction loan for a to-be-built assisted living community in Redmond, Oregon. Developed by nearby Bend, Oregon-based Juniper Canyon Living, the project will feature 108 units of all private pay. It will be operated under the Oregon Specific Needs program, which provides assisted living care to seniors with mental illness. The project is already underway and will be completed in phases, the first by the middle of this year and continuing through to the middle of 2022. Juniper Canyon Living has a number of similar projects in the works over the next few years. Monarch sourced the senior debt,... Read More »
CBRE Refinances Eugene, Oregon Community
CBRE closed out 2020 with a cash-out refinance of a 217-unit senior living community in Eugene, Oregon, with Aron Will, Austin Sacco and Tim Root working on the deal. A joint venture between The Springs Living and Harrison Street was the borrower, having developed the property in 2017 with construction financing also secured by CBRE. The property experienced strong lease-up and stabilized within 13 months of opening. It is currently 96% occupied across the 110 independent living units (including 31 cottages), 75 assisted living units and 32 memory care units. Not too bad for a pandemic. The five-year, non-recourse loan was provided by a national bank and came... Read More »
Harborview Handles Three Financings And A Sale
The team at Harborview Capital Partners closed several transactions for senior care facilities before the end of the year. First, David Nussbaum and Eli Kutner advised on the sale and arranged acquisition/construction financing for a hotel in Fishkill, New York to be converted to a 200-bed assisted living community. The $10.7 million loan came with a three-year, interest-only term and five-year perm option with a rate of LIBOR+325. Next, Mr. Nussbaum originated a $23.9 million loan to refinance a 193-bed assisted living community in Brooklyn, New York. The non-recourse loan came with a 30-year amortization and 10-year term. Finally, Ephraim Kutner and Jonathan Kutner... Read More »Schedule a demo
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