“Lument” Lighting Up The Senior Care Lending World
The combined firms of Hunt Real Estate Capital, RED Capital Group and Lancaster Pollard are moving forward together under one brand name: Lument. According to ORIX Real Estate Capital’s CEO James Flynn, the name was chosen for its associations with light and energy, emphasizing the combined company’s expertise, products and resources along with its drive to guide its clients to successful closings. The name change also follows a period of organizational restructuring among the three legacy companies, process streamlining and investment in new technology following the company merger in April 2020. Now, with the integration complete and the scale of ORIX’s balance... Read More »
CCRC Bond Financing Rocks This Year
A week does not go by without another announcement about either a refinance of a not-for-profit CCRC or a new financing with the proceeds being used to expand or renovate, and even new, ground-up CCRC developments. Expand, during the worst pandemic in 100 years when seniors housing occupancy is plummeting? That’s what we said. In our first transaction, Cain Brothers had been working with Whitestone: A Masonic and Eastern Community since 2007, when several areas of need were identified to make the community more competitive. It opened its doors in 1913 and is the oldest CCRC in North Carolina. It has been managed by Life Care Services, which together with Cain... Read More »
CBRE Refinances Stabilizing Seniors Housing Portfolio
CBRE refinanced a portfolio of three seniors housing communities owned by a joint venture between LCS and Nuveen Real Estate, an affiliate of the investment management arm of TIAA. These communities feature a combination of assisted living and memory care, with 328 units in total. Developed by a not-for-profit in 2017 and 2018, they were acquired by the joint venture in 2018 as part of a seven-property portfolio that included four other stabilized communities around the Louisville and Indianapolis MSAs totaling 360 units of assisted living and memory care. The deal represented one of the first large-scale investments in the joint venture’s $300 million capital raise, which CBRE... Read More »
St. Louis-Area Senior Living Community Sells
A St. Louis, Missouri-based developer/owner/operator did not have to go far for its latest acquisition, picking up a large senior living community in a nearby suburb. Built in 1986, the private pay community features 116 independent living and 63 assisted living units. It has been renovated twice since opening. Occupancy was in the mid-70s, which dipped slightly during the pandemic, but in-place cash flow was strong. Incorporating the property into its regional footprint, the buyer is planning a substantial, multi-million-dollar capital improvement project. Newmark Knight Frank handled the deal on behalf of the seller and also procured a lender in Regions Bank to provide... Read More »
Berkadia Refinances Mississippi Skilled Nursing/Alzheimer’s Facility
Berkadia headed to Byram, Mississippi to refinance a senior care facility. Featuring 88 beds, the facility was built in 2000 with 88 skilled nursing beds, comprised of 44 private and 22 semi-private units. There is also a 20-bed secure Alzheimer’s unit in the facility and a new 4,000-square foot therapy gym and spa. WCR, LLC, controlled by the Rotolo family, owns the property and has worked with Berkadia three previous times to finance the property for over a decade. They recently completed an addition/renovation that was approved by HUD and consisted of almost 15,000 square feet, using their own funds to pay for it. Now, ownership has secured a $9.75 million HUD refinance from Berkadia’s... Read More »Schedule a demo
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