Joint Venture Secures Refinancing
Mesa West Capital provided a joint venture with a loan to refinance a seniors housing community in Montvale, New Jersey. The joint venture comprises AEW Capital Management, Thrive Senior Living and Pike Construction. The five-year, floating-rate $57 million loan is secured by Thrive at Montvale. Built in 2022 by Thrive and Pike, the community features 88 independent living, 83 assisted living and 32 memory care units on 11.5 acres across 214,000 square feet. Read More »
Invesque’s Recent Activity
Invesque recently announced several transaction and refinancing updates. First, in September, the company sold an Illinois skilled nursing facility for $16.5 million, with proceeds from the sale going towards reducing borrowings under the KeyBank credit facility. Invesque now only owns two SNFs. Next, in October, Invesque sold seven seniors housing assets in Maryland (three), Virginia (three) and Tennessee. They comprise 355 units and were previously managed by Commonwealth Senior Living. Invesque originally acquired a 17-property (and later 20-property) Commonwealth portfolio in 2019 for approximately $285.4 million, or $236,800 per unit. The 2024 sale price for the seven assets was $65.4... Read More »
Live Oak Bank Closes Loan Trifecta
For anyone who has wondered which banks are actively lending in this capital markets environment, Live Oak Bank has been on a tear in the last few weeks, closing more than six transactions recently. The latest three were bridge loans closed on behalf of seniors housing owners in three states in the Southeast. First was an $8.5 million bridge loan for a joint venture between Manor Lake Development and Buligo Capital Partners. The loan features a three-year initial term and 24 months of interest-only payments before the borrowers expect to refinance with an agency. Loan proceeds were used to recapitalize partnership notes for an 82-unit assisted living/memory care community in the Atlanta,... Read More »
Helios Arranges Country Place Corporate Credit Facility
Helios Healthcare Advisors helped arrange a corporate credit facility secured by a portfolio of assisted living/memory care communities across four locations in Alabama on behalf of Country Place Senior Living, a portfolio company of a Hong Kong-based alternative investment manager. Helios secured the facility through a regional lender based in Atlanta, Georgia, for general corporate purposes and to complete renovations on a portfolio of five assisted living and memory care communities that Country Place acquired in Texas this year. The facility was secured on the four Alabama assets, which were stabilized and had no property-level debt, thereby helping Country Place to access the... Read More »
Two Seniors Housing Communities Secure Acquisition Financing
CBRE arranged acquisition financing for two seniors housing communities in Houston, Texas, on behalf of Bridgewood Property Company. The Aspenwood Company, Bridgewood’s wholly owned management platform, will continue to manage the communities. Aron Will and Michael Cregan originated the $25 million, three-year floating rate loan with full-term interest only via a regional bank. Built in 2015, The Village of the Heights sits on 1.75 acres and comprises 103 assisted living and memory care units. Built in 2013, The Village of Meyerland features 125 assisted living and memory care units on 3.11 acres. Read More »Schedule a demo
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