Joint Venture Acquires and Secures Financing in Maryland
Berkadia announced the sale and financing of an active adult community in Annapolis, Maryland. Built in 2002, Gardens of Annapolis features 106 units with 42-one bedroom/one-bathroom units, 23 two-bedroom/one-bathroom units and 41 two-bedroom/two-bathroom units. The property has been well-maintained over the last 20 years as a result of consistent capital investment, and has a history of high occupancy and steady performance. The transaction closed October 11, with Berkadia Seniors Housing & Healthcare facilitating both the investment sales and mortgage banking advisory. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers closed the sale on behalf of the seller, Crow Holdings.... Read More »
Newmark Facilitates a Sale and Refinance
Newmark’s Senior Housing Team handled the sale of a seniors housing community in South Carolina. Built in 2021, New Haven at Little River features 154 independent living, assisted living and memory care units in Little River, South Carolina. Totaling 200,000 square feet, it has 89 IL, 44 AL and 19 MC units. No additional details were disclosed, QSL Management announced that it took over management on October 17 and renamed the community The Barclay at Little River. Newmark’s Seniors Housing Team also secured a $140 million cash-out refinance through Freddie Mac for a seniors housing community in Atlanta, Georgia, called Corso Atlanta. Taking out the original construction loan, the package... Read More »
Joint Venture Secures Refinancing
Mesa West Capital provided a joint venture with a loan to refinance a seniors housing community in Montvale, New Jersey. The joint venture comprises AEW Capital Management, Thrive Senior Living and Pike Construction. The five-year, floating-rate $57 million loan is secured by Thrive at Montvale. Built in 2022 by Thrive and Pike, the community features 88 independent living, 83 assisted living and 32 memory care units on 11.5 acres across 214,000 square feet. Read More »
Invesque’s Recent Activity
Invesque recently announced several transaction and refinancing updates. First, in September, the company sold an Illinois skilled nursing facility for $16.5 million, with proceeds from the sale going towards reducing borrowings under the KeyBank credit facility. Invesque now only owns two SNFs. Next, in October, Invesque sold seven seniors housing assets in Maryland (three), Virginia (three) and Tennessee. They comprise 355 units and were previously managed by Commonwealth Senior Living. Invesque originally acquired a 17-property (and later 20-property) Commonwealth portfolio in 2019 for approximately $285.4 million, or $236,800 per unit. The 2024 sale price for the seven assets was $65.4... Read More »
Live Oak Bank Closes Loan Trifecta
For anyone who has wondered which banks are actively lending in this capital markets environment, Live Oak Bank has been on a tear in the last few weeks, closing more than six transactions recently. The latest three were bridge loans closed on behalf of seniors housing owners in three states in the Southeast. First was an $8.5 million bridge loan for a joint venture between Manor Lake Development and Buligo Capital Partners. The loan features a three-year initial term and 24 months of interest-only payments before the borrowers expect to refinance with an agency. Loan proceeds were used to recapitalize partnership notes for an 82-unit assisted living/memory care community in the Atlanta,... Read More »Schedule a demo
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