SHA Capital Partners (And Partners) Win with Refinance
Nearly four years after it acquired a 66-unit assisted living community in Portage, Wisconsin (Madison MSA), SHA Capital Partners’ efforts were rewarded when it refinanced and earned a 30.0% IRR and 2.25x equity multiple for its primary equity partner. When SHA and its partner, Matthews Senior Living, made the 2015 acquisition, the community was operating well enough. Built in 1999 and renovated in 2006, it was 80% occupied (with a 20% Medicaid census) and operated at a 32% margin on about $1.55 million of revenues. Paying $5.3 million, or $80,300 per unit, SHA and Matthews then spent $350,000 to upgrade the common area and hired a new marketing director who brought occupancy up to 100%.... Read More »
BMO Harris Bank Finances Seattle Senior Living Acquisition
A large strategic seniors housing investor teamed up with a regional operator to acquire an assisted living/memory care community in Bellevue, Washington (Seattle MSA). Altum Senior Living will take over management and oversee a renovation to the community. To fund the acquisition and upcoming renovation, BMO Harris Bank’s Commercial Real Estate Healthcare group acted as sole lender of more than $16.7 million in financing. Read More »
Bourne Financial Group Finances Brand-New Community With CBRE
Aron Will and Tim Root of CBRE successfully refinanced a brand-new memory care community in the central Washington town of Wenatchee. The 48-unit community just received its certificate of occupancy and expects to obtain its licensure shortly. Then, fill-up will commence. The property’s location in downtown Wenatchee, less than a quarter of a mile from one of the top regional hospitals, should help attract residents. It also features a number of high-end amenities, including a spa, solarium and beauty salon. Bourne Financial Group owns the community in a joint venture with operator Cascadia Senior Living. Thanks to CBRE, they received a $9 million floating rate loan, with a five-year term... Read More »
CBRE Closes Freddie Mac Green Advantage Loan
The Reliant Group is going green with its latest acquisition in Fresno, California, thanks to financing arranged by Aron Will, Austin Sacco, Andrew Behrens and Jesse Weber of CBRE. Built in 1989 and since then, the target features 200 units of independent living and assisted living spread across seven buildings, including one main three-story building. It is located in an affluent neighborhood of Woodward Park in Fresno and is within two miles of three healthcare facilities. Reliant and its operating partner of the deal, Cadence Senior Living, will execute a significant capital improvements project to upgrade the common areas, units and exterior as well as reduce the property’s... Read More »
HJ Sims Closes Comprehensive Refinance of Maryland CCRCs
HJ Sims was engaged by Asbury Atlantic, Inc. to refinance two of its CCRCs in Maryland with a combination of taxable and tax-exempt financing. Located in Gaithersburg and Solomons, the two communities were already saddled with higher-rate, tax-exempt bonds and other non-callable bonds with a balloon maturity. Sims successfully extended a taxable bank loan that was used to pay the termination fee for a swap that remained outstanding after the underlying bonds were refunded. The team then closed $96.12 million in tax-exempt bonds, which include proceeds to fund capital expenditures and free up operating cash to partially repay the taxable bank loan to make the swap termination payment. The... Read More »Schedule a demo
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