Newmark’s Nearly $2 Billion Third Quarter
Newmark is in the middle of a banner year for both investment sales and debt financings, and both its deal volume and activity appears to be accelerating as the year progresses. In the year to date, the team has closed nearly $3.6 billion in investment sales, and $1.9 billion in the third quarter alone. Excluding the Amica Senior Lifestyles portfolio that Newmark is selling in Canada for over $3 billion, the team has also secured enough deals under agreement to nearly double its year-to-date volume. There are some stabilized, Class-A deals at high per-unit prices, as well. One of those was the sale of Project Aurora, a three-property portfolio in New Jersey (2) and New York that was owned... Read More »
Not-For-Profit Secures Bond Financing
Ziegler closed Josephine Caring Community’s $77.115 million Series 2025ABC bonds through the Washington State Housing Finance Commission. Josephine Caring Community is a 501(c)(3) not-for-profit corporation in Stanwood, Washington, north of Seattle, Washington. Established in 1908, Josephine owns/operates a 131-bed skilled nursing facility, a 57-unit assisted living home licensed for 65 residents, and an intergenerational child-care program licensed to serve 111 children (the Stanwood Campus). Josephine is using a portion of the bonds to construct the Cascade Village Project, which includes a new independent living community featuring 63 one-, two- and three-bedroom apartments,... Read More »
Alta Senior Living Obtains Refinance for Tampa Asset
Kristen Ahrens and Pat Maloney of Blueprint facilitated the refinance of The Legacy at Highwoods Preserve. Built in 2015, the 68,281-square-foot building comprises 60 assisted living and 22 memory care units on 9.9 acres in Tampa, Florida. The borrower is a well-established owner/operator with a presence in Florida. Blueprint Capital Markets ran a process to identify viable debt options aligned with the ownership structure and need for non-recourse financing. Ultimately, in conjunction with KeyBank Commercial Mortgage Group, Blueprint arranged a six-year, fixed-rate loan with a prominent life insurance company that allowed supplemental funding on top of the initial loan. Blueprint, in... Read More »
Washington State AL Community Lands HUD Financing
Berkadia arranged 232/223f HUD financing for a 200+ bed assisted living community in Washington State, totaling $26.8 million. In September, Managing Directors Austin Sacco and Steve Muth, along with Senior Director Garrett Sacco of Berkadia Seniors Housing & Healthcare, secured the financing for a repeat Berkadia client, a Pacific Northwest-based sponsor. This HUD loan retires an existing Berkadia bridge loan. The sponsor, which has operated the community since 2017, was able to transition from bridge-to-HUD financing, paying off existing bank debt and capturing equity built from their operations. Read More »
CBRE Originates Financing for Joint Venture
CBRE National Senior Housing arranged the financing for Clearwater at The Heights on behalf of a joint venture between Cerberus, Hines and Clearwater Living. Aron Will, Vice Chairman of CBRE National Senior Housing, and Tim Root, Senior Vice President of CBRE National Senior Housing, originated a three-year, floating-rate bridge loan with full term of interest only through a regional bank. Opened in 2022, the 220-unit community is in Houston, Texas, with independent living, assisted living and memory care services. Amenities feature a fitness center, art studio, library, custom golf simulator, movie theater, outdoor pool, spa and salon services, and downtown skyline views. The community is... Read More »Schedule a demo
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