South Carolina IL/AL Community Gets New Owner
Following its involvement in the sale of Church Hill Village in Newtown, Connecticut, to National Development and Benchmark Senior Living (plus Harrison Street’s sale of a Long Island portfolio), Newmark handled another transaction featuring another high-end asset. Developed by Bayshore Retirement Living in 2019, The Bayshore on Hilton Head Island comprises 126 independent living and assisted living units in Hilton Head Island, South Carolina. It also expanded in 2023 with 26 additional IL villas. Occupancy has consistently been strong, and we imagine the operating margin was quite healthy, too. Life Care Services was the in-place operator. The ultimate buyer was not disclosed, but... Read More »
Helios Arranges Refinance of Arkansas Community
Helios Healthcare Advisors arranged a $11.63 million refinance for a 191-unit/231-bed portfolio of assisted living and memory care communities in Arkansas on behalf of a regional owner/operator. Spread across four locations in the Ouachita Mountain region of Arkansas and primarily serving a Medicaid population, the portfolio is a sub-set of the borrower’s larger operation. It experienced challenges associated with rising costs and little to no reimbursement rate relief from the Living Choice Medicaid waiver program. The ask did not pencil out at the time it initially went to market and there was pressure from the borrower’s lender, which had inherited the credit through a recent... Read More »
Class-A Seniors Housing Portfolio Secures Refinance
BWE closed a $330 million financing on behalf of Spectrum Retirement Communities. The transaction refinances an eight-property Class-A seniors housing portfolio developed by the sponsor. They are in major metropolitan areas in four states across the Midwest and Southwest. Ryan Stoll and Taylor Mokris of BWE’s National Seniors Housing and Care team arranged the financing. The transaction attracted strong interest and competition from an array of lenders, including agencies, life insurance companies, banks and private credit firms. Ultimately, a global private credit investor provided the non-recourse financing, which includes full-term interest-only, a highly competitive interest rate, and... Read More »
Berkadia Reports Recent Deal Activity
Berkadia announced a few closings in the Midwest. First, Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers were engaged by Ryan Companies US in its divestment of a Class-A seniors housing community in Cedar Rapids, Iowa. Built in 2017 by Ryan Companies, Grand Living at Indian Creek comprises 165 independent living, assisted living and memory care units. The property is situated near Mercy Medical Center and UnityPoint Health-St. Luke’s Hospital, two of the region’s leading healthcare providers. The in-place operator, Grand Living, will continue to manage the community. The buyer and financials were not disclosed. Fasano, Sanders, Tremper and Garbers also facilitated the... Read More »
Ikaria Capital Group Completes First HUD Transaction
Since launching in February, Ikaria Capital Group, whose team brings more than 100 years of collective experience in financing, structuring, underwriting, servicing, and asset-managing bridge and FHA/HUD loans, has already completed its first HUD transaction. The $16.5 million closing was executed on behalf of a private investment firm. The borrower, an existing client, had previously acquired a skilled nursing facility in California in 2023. The HUD takeout enabled the borrower to execute its long-term financing plan. Ross Holland originated the loan. Read More »Schedule a demo
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