Propero’s Second Tender Loving Care Deal
Lancaster Pollard’s Propero Seniors Housing Equity Fund teamed up with Tender Loving Care Management (TLC) for the second time to provide equity for a to-be-built senior living community in Florida. Three years ago, Propero helped finance the construction of a $63 million, 242-bed project in Ocala that was going to offer assisted living, memory care and skilled nursing services. BMO Harris Bank provided a $30 million construction loan, while Propero fronted the equity that minimizes TLC’s own upfront capital requirements but at the same time provides a clear path to ownership. For the most recent project in Brooksville, Florida, Propero again provided equity to complement a bank loan to... Read More »
Meridian Capital Moves Past $2.3 Billion
Meridian Capital Group’s seniors housing and healthcare team is having quite a year, reaching $2.31 billion in transaction volume in 2019, so far. That volume is through a total of 63 transactions closed across 27 states for skilled nursing, assisted living, memory care and independent living properties. Helping achieve that impressive level, the group, which is led by Ari Adlerstein, Ari Dobkin and Josh Simpson, closed a couple of very large transactions in the last month, most notably a $241 million acquisition financing for 19 skilled nursing facilities and 2,175 total beds in the Northeast and Mid-Atlantic. The trio was also responsible for arranging the $157 million in financing used... Read More »
Contemporary Nails Nashville Acquisition Financing
Contemporary Healthcare Capital helped affiliates of Opal Senior Living to acquire a 115-bed assisted living/memory care community in Nashville, Tennessee. Opal received a $500,000 mezzanine loan from Contemporary and an accompanying senior loan from CoastalStates Bank. In addition to funding the acquisition, the combined financing also provided for about $300,000 in additional property renovations and upgrades. Previously a skilled nursing facility until it was substantially renovated and converted to assisted living, the community features 60 AL beds and 55 MC beds, and it is one of only two senior living properties in the Nashville metro area to accept Medicaid waiver... Read More »
Northwind Group and KeyBank Finance Peace Capital Acquisition
Peace Capital and its affiliated operator Complete Care Management acquired a senior care portfolio number some 930 beds in Ocean County, New Jersey, for approximately $169 million, or about $181,700 per bed. The financing for the deal came from a couple different sources. As part of its effort to deploy up to $1 billion into senior living and healthcare properties, New York City-based private equity firm Northwind Group provided a $26 million mezzanine loan for the acquisition. Meanwhile, KeyBank Real Estate Capital underwrote and closed the $131 million in senior financing and expects to lead the refinance of the portfolio with HUD debt. Jonathan Slusher and Ran Eliasaf led the mezzanine... Read More »
Persimmon Refinances Pennsylvania Portfolio
Patrick Shearer of KeyBank Real Estate Capital’s Commercial Mortgage Group secured $28 million of HUD financing for three seniors housing communities in Pennsylvania owned by Baltimore-based Persimmon Ventures, LLC and operated by Live Cardinal. All three communities offer assisted living and memory care services. Built in 1994 in Landisville, the largest property has 135 beds in 115 units and received a $16 million loan. A 59-unit community, which was built in 1987 in the town of Millersville, got an $8 million loan. The smallest community has just 45 units but 85 total beds. Built in 2000, it was acquired from The Hollinger Group for $3.8 million, or $84,400 per unit, at a 9.2% cap rate.... Read More »Schedule a demo
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