PGIM Acquires Class-A Community in Florida
Berkadia announced the sale and financing of a Class-A seniors housing community in the Orlando, Florida MSA, Oakmonte Village at Lake Mary. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers represented the seller while Austin Sacco and Steven Muth handled the mortgage banking advisory services. The transaction closed in September. The buyer was a joint venture between PGIM Real Estate and Grand Living. Built in phases between 2009 and 2015, Oakmonte Village comprises 351 independent living, assisted living and memory care units in Lake Mary, Florida. The community sits on 25 acres and spans across one three-story IL building, one three-story AL building, one single-story MC... Read More »
VIUM Capital Secures Second Securitization
VIUM Capital and its joint venture partner Merchants Capital have closed on their second securitization of healthcare commercial real estate bridge loans. The $630 million securitization pool comprises loans that were originated by VIUM and underwritten and closed on the balance sheet of Merchant’s parent, Merchants Bank of Indiana, within the past 16 months. The 21 loans are collateralized by 74 properties across 15 states, including independent living, assisted living, memory care and skilled nursing facilities, and did not see interest rates or terms affected by the securitization. They also have a weighted average loan-to-value ratio of 69% and a weighted average debt yield above... Read More »
Harrison Street Refinances Class-A Asset
CBRE secured the refinancing for a seniors housing community in the Austin, Texas MSA, on behalf of Harrison Street. Aron Will and Tim Root handled the transaction, securing a five-year loan from a life insurance company. Built in 2018, The Village at the Triangle features 208 independent living, assisted living and memory care units. Upon opening, the community leased up to 94% in just 23 months, averaging eight net move-ins per month. Occupancy in 2021 was 97% and grew in 2022 and 2023 to 100%. Occupancy as of September is 100% with a lengthy waitlist. The community is currently operated by The Aspenwood Company. Read More »
Ziegler Closes Multi-Part Financing
Ziegler closed a bond financing and taxable term loan to finance EveryAge’s acquisition of Providence Place, a rental CCRC in High Point, North Carolina. EveryAge, formerly United Church Homes and Services, is a not-for-profit corporation organized in 1961 that owns nearly 1,000 units. With the acquisition and an upcoming development project, its unit count will rise above 1,400. EveryAge also provides management and certain other administrative services to seven corporations operating 252 housing units for low-income seniors (HUD 202 communities) and two PACE programs. The organization is currently developing a 95-unit independent living community located in Hickory, North Carolina.... Read More »
Protea Refinances Class-A Asset
JLL Capital Markets arranged a $35 million construction-takeout refinancing for a seniors housing community in California. Built in 2019 and expanded in 2021, Ocean Hills Senior Living comprises 216 units in Oceanside. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank. Ocean Hills offers a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. The AL/MC phase of the property was delivered in 2019, with the IL portion opening in 2021. Initially hampered by the pandemic, occupancy rates have steadily increased. The campus reached initial stabilization in Q4:23. There was... Read More »Schedule a demo
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