Monarch Advisors Releases Two More Closings
Alec Blanc of Monarch Advisors arranged a new loan to fund a partnership buyout for an Indiana CCRC with a total of 197 skilled nursing beds and independent living units. The borrowers, two of four partners, engaged Monarch to source $17.0 million of senior debt for the transaction. Monarch was successful at securing a bridge-to-HUD commitment from a national bank lender. The two-year interest-only loan, priced at SOFR plus 2.85%, fully funded the repurchase of the membership interests of the exiting partners, with the remaining partners rolling over their equity. In addition to the repurchase, proceeds will be used to fund up to $1.3 million of capital expenditures plus closing costs.... Read More »
Meridian Capital Group Ends Summer with a Bang
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed more than $800 million in transaction volume in August and September 2023 across both investment sales and financings. The highlight was the team’s arranging of acquisition financing from a REIT and finance company for the purchase of EmpRes Healthcare and 28 facilities comprising 2,629 skilled nursing beds and 88 assisted living units in Nevada, Washington, Wyoming, Oregon, Montana, and South Dakota. They also sold a 104-bed assisted living community in Florida for $24.2 million and two assisted living communities comprising 202 beds in California for $22.5 million. On the... Read More »
Monarch Advisors Closes Construction Financing
Alec Blanc of Monarch Advisors hit a rich vein of activity, closing several transactions at the end of September. The largest was a construction loan closed for the development of a new 105-unit/113-bed, skilled nursing, assisted living and memory care building in Lancaster, Ohio. The sponsor, located in Louisville, engaged Monarch to source $19.9 million of debt, equal to approximately 70% of the cost of the project. That puts the cost of the project at around $250,000 per bed or $270,000 per unit. Monarch secured a construction/mini-perm loan commitment from a local bank with a three-year construction phase, interest only at SOFR+2.75% and a two-year permanent phase fixed at the... Read More »
Blueprint Facilitates Pacific Northwest Portfolio Sale
Stabilized seniors housing deals have been few and far between in the last year, but Dan Mahoney, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors hit the transaction trail to Oregon to sell five well performing assets on behalf of the seller. The portfolio, which consists of 468 units of independent living, assisted living and memory care, was concentrated in mostly tertiary markets in Oregon, with one located near Portland. Built in the late-1980s and early-1990s, the portfolio received modest updates over the last 10 years. However, the portfolio was very profitable, generating approximately $4.8 million in EBITDAR in 2022, which translates to more than... Read More »
Lument Secures Fannie Mae Refinancing
After opening in early 2020, an active adult community recently refinanced through Fannie Mae with the help of Lument. For other seniors housing sectors, trying to lease-up during the pandemic has presented more problems, but active adult, in general, has seen strong occupancy and lease-up rates. So, active adult communities have run into fewer issues when the time comes for an agency refinance. Lument closed a $13.4 million Fannie Mae loan with a 10-year term and four years of interest only. There was also a 30-year amortization period and a fixed interest rate. Tom Dixon of Lument handled this transaction, marking the tenth closing between Lument and the borrower, which has 40 years of... Read More »Schedule a demo
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