Truist Refinances Colorado CCRC
Truist closed its first CCRC deal in the state of Colorado, acting as sole lender of a $50 million refinance of a property in Boulder, near Denver. Set in a residential part of Boulder, the not-for-profit CCRC was founded by the Rocky Mountain Conference of the United Methodist Church on 20 acres of land. It opened in 1960 with 100 apartments and has grown to care for more than 350 seniors. A 98-unit independent living expansion was also completed in 2019, along with several capital improvement projects, all totaling about $90 million. Truist arranged a $50 million refinance for the community, which will provide significant cash flow savings, liquidity and flexibility to ownership.... Read More »
Despite COVID-19, HUD Lean Records Strong 2020 Fiscal Year
This was not another ordinary fiscal year for HUD ended September 30, but the LEAN program still ended with nearly $4.4 billion in closings. That follows more than $3.7 billion in closings in the fiscal year 2019, which itself represented a slight increase over 2018’s volume. To reach such a high under the current circumstances, with in-person property inspections virtually impossible for months and HUD employees adjusting to working at home like so many of us, took great flexibility and a lot of hard work to get done. Greystone was head and shoulders atop the list this fiscal year, both in terms of transactions closed and in dollar volume. The firm closed 75 loans totaling more than... Read More »
CBRE Refinances Tennessee Senior Living Community
The team at CBRE was in tune working through a Freddie Mac refinance of a senior living campus in Murfreesboro, Tennessee (Nashville MSA). According to our public M&A database, Deal Search Online, the borrower, a joint venture between Venue Capital LLC and Inspirit Senior Living, acquired the property from a local doctor and operator in January 2018 for $12.45 million, or $132,500 per unit. Built in 2001 with 68 assisted living and 26 memory care units, the community was around 85% occupied and operated at a 22% margin on $4.03 million of revenues at the time of that sale. There was an opportunity to especially improve the memory care census, so in came Inspirit and Venue... Read More »
CBRE Handles Sarasota-Area Sale and Financing
It was all hands on deck at CBRE for the sale of an Englewood, Florida (Sarasota MSA) senior living community. We wrote about the deal earlier this week when Chicago Pacific Founders (CPF) announced its acquisition of the property. Featuring 118 units of assisted living and memory care, this community opened in 2017. It is located just minutes from the water and a number of shopping centers and medical facilities. There is also an adjacent 50-acre plot that CPF also acquired to add independent living units and cottages. After leasing up at a rate of approximately six move-ins per month until stabilizing in 2019, the community was 93% occupied at the time of closing. Grace Management will... Read More »
Lancaster Pollard Charges Into Chambersburg
Lancaster Pollard, a division of ORIX Real Estate Capital, recently refinanced a senior living community in Chambersburg, Pennsylvania. Providence Place Senior Living, a family-owned operator that is headquartered in Hershey, Pennsylvania, owns the 17-acre campus, which features a mix of independent living, assisted living and memory care units. Monthly rates start at $3,082 for independent living, $4,122 for assisted living and $4,411 for memory care. It is located three miles from the Chambersburg Hospital. Miles Kingston, Doug Harper and Casey Moore of Lancaster Pollard secured an $11.5 million loan through its Fannie Mae Seniors Housing program. The loan came with a long term and... Read More »Schedule a demo
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