Florida Trio Trades to AEW
A seniors housing portfolio that includes Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park in Florida sold to AEW Capital Management. The three communities total 416 units in The Villages and Winter Park. JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the transaction, which saw AEW retain the current operator, Watercrest Senior Living, as the third-party operator. JLL is also handling the acquisition financing on two of the assets for the buyer, which will close in January 2025. Completed in 2018, Watercrest Buena Vista offers 224 units in a three-story, Class-A building, including 118 independent living, 74 assisted... Read More »
Joint Venture Secures Construction Financing
Live Oak Bank announced a couple of construction loans closed on behalf of seniors housing borrowers. First, in December, Live Oak Bank provided a $40 million senior loan in partnership with a $39.6 million CPACE loan provided by Nuveen Green Capital for a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners. The loan provides financing for the ground-up construction of a 140-unit Class A assisted living and memory care community in California and features a five-year term with 42 months of interest-only payments. We also learned that Live Oak Bank led, jointly arranged with Huntington National Bank, and closed a construction loan for a joint venture... Read More »
Northland Networks Arranges Two Acquisition Loans
Northland Networks, a member of the First National of Nebraska family, ended 2024 on a high note, closing two acquisition financings for skilled nursing clients in the last several months. One was for a 59-bed skilled nursing facility in rural southern Kentucky that was built in the late-1970s by the same family that is now selling it. The facility could improve its operations, and that will be the task of a Northeast-based real estate investment firm to turn around with an operating partner. Seth Kahn of Northland arranged an acquisition loan with a bank, structuring it with a five-year term, one year of interest only, an attractive interest rate and at 80% loan-to-value. ... Read More »
Naples Senior Living Community Secures Refinancing
BWE arranged a $76 million refinance on behalf of a joint venture between Harbert Management Company and Senior Resource Group for The Carlisle Naples, a Class-A senior living community in Naples, Florida. Ryan Stoll and Taylor Mokris facilitated the financing. Built in 1998, The Carlisle features 257 independent living and 93 assisted living units on more than 18 acres and is operated by SRG. After acquiring the community in September 2021 for $101.5 million, or $290,000 per unit, when it was just 68% occupied, the joint venture completed an extensive capital improvement plan during the pandemic, driving both occupancy and rates post-renovation. The community is in a prime Naples location... Read More »
Montgomery Intermediary Group Closes First Loan
A few months after Montgomery Intermediary Group announced it was adding a healthcare real estate debt placement vertical alongside its investment sales platform, Jeremy Warren (the man hired to develop the new vertical) closed the group’s first loan. He successfully sourced and closed a refinance for a portfolio of three assisted living communities in Kansas. Built more than 20 years ago, the communities each feature between 20 and 30 units with a mostly Medicaid waiver census. Occupancy was nearly full at three of the locations, with very strong operating margins. The portfolio also benefited from a recent Medicaid waiver rate increase. There were three other similar communities that... Read More »Schedule a demo
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