CBRE Finances Midwest Portfolio Purchase
A brand-new portfolio of four assisted living/memory care communities gained a new owner, thanks to acquisition financing arranged by Aron Will of CBRE. These communities, featuring 285 assisted living and 155 memory care units, opened in 2016 and 2017 in the Chicago and Kansas City MSAs. And being the highest quality communities in their respective submarkets, they were filling fast, with a favorable lease-up trajectory. Chicago-based CA Ventures developed them and will also maintain an ownership interest in the portfolio, acquiring the communities in a joint venture with a global investment manager. Mr. Will secured a non-recourse, floating-rate loan, with a three-year term and three... Read More »
Grandbridge Real Estate Capital Closes Kansas City Financing
Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group announced its latest closing, facilitating a $14.5 million first mortgage for a 163-unit seniors housing community in Kansas City, Missouri. An insurance company provided the loan, which came with a 20-year term and a fixed rate. Originally built in 2014, the community in question followed up on a successful lease-up by breaking ground in 2016 on an $18 million, 96-bed expansion of short-term rehab, long-term care and memory care services. It is owned by the McCrite family, which also owns senior living community in Topeka, Kansas. Richard Thomas and Meredith Davis, along with Joseph Platt out of Grandbridge’s... Read More »
Gryphon Senior Living Group Gets HUD Refinance
Three years after acquiring a 40-unit Georgia assisted living community in receivership, Gryphon Senior Living Group is refinancing it through HUD. Built in 2000 as a licensed personal care facility in the town of Union City, an Atlanta suburb, this community features nine units of memory care and 31 assisted living units, with 50 total beds. It was operating near breakeven with 77% occupancy in 2014 and was in receivership at the time of closing. GlassRatner was the court-appointed receiver on behalf of a special lender in South Carolina, and Oak Senior Living was managing the property throughout the process. Chicago-based owner/operator Gryphon Senior Living Group then emerged as the... Read More »Capital One Closes A Big One
Capital One flexed its banking muscles when it provided just over $551 million in financing to Kayne Anderson Real Estate Advisors (KAREA) for its purchase of Sentio Healthcare Properties. Announced back in May, the high-profile acquisition included all 34 of Sentio’s seniors housing and medical office properties, and was valued around $825 million. To fund the deal, Capital One provided KAREA a $251 million bridge loan and a $300 million Freddie Mac seniors housing revolving credit facility. We imagine a lot of time was spent on this large, complex transaction. Well done. Another Capital One deal came across the wires, albeit a little smaller than the KAREA deal. Joshua Rosen originated a... Read More »
Monticello Asset Management’s Newest Faces
Monticello Asset Management had a productive summer, hiring three experienced professionals to its staff. First off, Steven Caligor will be joining the firm as a Senior Managing Director in charge of product development, expanding banking relationships and assisting with credit and risk management. With nearly 30 years of experience, Mr. Caligor comes to Monticello most recently from Bank Hapoalim, where he led the Commercial Real Estate, Food and Commodities, and Corporate Finance loan portfolio teams. He holds an MBA in Finance and Investments and a BA in Marketing and International Business from George Washington University. Monticello also hired Corley Audorff, an eight-year veteran of... Read More »Schedule a demo
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