Capitalizing On Location In Concord, California
The joint venture between Agemark Senior Living and Trellis Real Estate Group just executed on their third investment together, acquiring a 101-unit senior living community in Concord, California (San Francisco MSA). No purchase price was disclosed, but Aron Will of CBRE arranged an $11.2 million floating-rate loan, with a five-year term and 36 months of interest only, from a national bank to finance the deal. Originally built in 1970, the community is situated on 2.7 acres of irreplaceable land in the Bay Area. Plus, it is located within three miles of two large medical centers totaling 799 licensed beds and within five miles of both downtown Concord and downtown Walnut Creek, along with... Read More »
KeyBank Closes Large HUD Financing
Nine-figure HUD financings don’t come across our desk too often, but KeyBank Real Estate Capital just provided $105 million to refinance a 10-property portfolio on behalf of Trilogy Property Holdings. Located in Ohio, Kentucky, Indiana and Michigan, the portfolio totals 1,078 skilled nursing and assisted living beds that were built between 2000 and 2014. John Randolph, Laura Conway and Jonathan Slusher led the way on the transaction, which was used to pay down portions of two separate KeyBank-led syndicated credit facilities. The first facility is a term loan that funded the acquisition of nine healthcare facilities, while the second is a senior-secured revolving credit facility secured by... Read More »
Coast-To-Coast Closings From CBRE
Aron Will of CBRE continued his recent run of activity with two more transactions. Up first was a bank financing arranged on behalf of a joint venture between Bourne Financial Group and HRA Senior Living to refinance their newly-built 96-unit assisted living/memory care community in Wilmington, Delaware. The high-quality community boasts an upscale salon and spa, as well as a bocce court, yoga and fitness studios. It’s also located near two large shopping centers. CBRE secured a $25.5 million, five-year non-recourse loan with 36 months of interest only shortly after the property received its certificate of occupancy. Estimated lease-up figures in the affluent area must have been... Read More »
Capital One Refinances Illinois Supportive Living Facility
Joshua Rosen of Capital One successfully refinanced a large supportive living facility in Des Plaines, Illinois (Chicago MSA). Originally built in 1967 as an independent/supportive living facility, its owners decided to upgrade the independent living portion to assisted living in 2015. They then built a 71-bed skilled nursing wing in 2018, adding to the existing 162 AL and 150 supportive living units. The refinance wasn’t straightforward, as part of the property was in a floodway. But Mr. Rosen identified an opportunity to legally change the survey plat to carve out a floodway, enabling the refinance to continue. The borrower, a repeat Capital One customer, received a $28.4 million HUD... Read More »
Ziegler Issues Bonds For Large CCRC Acquisition
A large CCRC portfolio sold to The Trousdale Foundation, a Boston-based not-for-profit owner/operator, thanks in part to a $200.57 million bond financing arranged by Ziegler. Totaling nearly 1,600 beds and units, the portfolio features three CCRCs in Dayton, Ohio, Nashville, Tennessee, and Sebring, Florida, and one skilled nursing/assisted living facility in Cincinnati, Ohio. They were originally acquired from 2001 to 2011 by the seller, Covington Senior Living. In those transactions, the CCRCs sold for between $35,000 and $40,000 per bed/unit, while the fourth facility was originally purchased for close to $100,000 per bed/unit. The communities are on the older side (built in the 1970s... Read More »Schedule a demo
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