Cushman & Wakefield Refinances Phoenix CCRC
Several years after financing the acquisition of a CCRC in Phoenix, Arizona, Cushman & Wakefield is returning to refinance the property in a $13 million deal. Featuring a total of 327 units, made up of 100 independent living units, 171 assisted living units, 29 memory care beds and 60 skilled nursing beds, the community is set on a 14-acre campus in northern Phoenix. A joint venture between an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting, LLC acquired it in 2017 for an undisclosed sum, with the help of a $15.1 million financing commitment from PNC Bank and arranged by Cushman & Wakefield. The debt also helped fund immediate renovations and a... Read More »
Ziegler Structures Debt For Radiant Senior Living Acquisition
Ziegler served as exclusive capital structuring advisor on a debt placement for the borrower, Radiant Senior Living, to acquire a portfolio of three seniors housing communities in the Pacific Northwest. Two of the properties are located near Seattle, Washington, while the third is in Bozeman, Montana. Previously owned by a publicly traded REIT, they combine for 36 independent living and 204 assisted living units and generate in-place, stabilized cash flow. However, there is an opportunity to add value through economies of scale, which suits Radiant and its 18-property portfolio in the Pacific Northwest. The $42.6 million in financing consisted of both senior and mezzanine debt,... Read More »
CIBC Secures Cash-Out Refinance and Working Capital
Matthew Tyler and Neal Netzel of CIBC Bank USA closed a cash-out refinance of a 120-bed skilled nursing facility in eastern Kentucky. With an effective age of 20 years, the facility has been managed by a local operator for a number of years. Its historical occupancy hovered around 75%. Ownership obtained a $13.5 million loan, with a five-year term, on the real estate. In addition, CIBC arranged a $1.0 million revolving line of credit to support working capital needs. Read More »
Oxford Finance Funds Wisconsin SNF Acquisition
Oxford Finance secured a senior credit facility and revolving line of credit for a partnership to acquire two skilled nursing facilities and a combined 158 beds in Wisconsin. That partnership is between AB Asset Management LLC, a vertically integrated real estate company based in Miami Beach, and Vitalogy Property Holdings LLC, a growing owner/operator founded in 2015 by Levi Rudd and Louis Kass. Vitalogy is expanding its existing operating platform in the Midwest and also partnered with Symmetry Healthcare, a provider of back office support services in the healthcare industry, to acquire the properties. To fund the deal, Oxford closed both the... Read More »
M&T Realty Finances Avanath Acquisition
Avanath Capital Management bought an affordable senior apartment complex in Sterling, Virginia (Washington, D.C. MSA) with the help of a loan provided by M&T Realty Capital Corporation. Developed in 2001 with low-income housing tax credits, this community has 150 units and was owned by a private local investor. It offers one- and two-bedroom unit options, and there are amenities such as a fitness center, billiards table, beauty salon and entertainment room, among others. Greysteel represented the seller in the transaction, which resulted in a $27.25 million, or $181,000 per unit, purchase price. M&T’s Matthew Hodson arranged a $17.1 million Fannie Mae Multifamily Affordable... Read More »