National Health Investors’ New Investments
A publicly traded REIT based in Murfreesboro, Tennessee, acquired two assisted living and memory care communities and closed two loan agreements, investing $89.2 million, including transaction costs, across the four separate deals at an average initial yield of 8.02%. National Health Investors purchased a 107-unit AL/MC community in Jamison, Pennsylvania, that is operated by Priority Life Care. It appears to be The Bridges at Warwick, and Priority will remain in-place, marking a new relationship with NHI. The sales price was $52.1 million, or $486,900 per unit, including transaction costs. The community is leased pursuant to a five-year term with an initial lease rate of 8.00%... Read More »
JV Acquisition Supported by Structured Capital Stack
After Verdot Capital announced that they partnered with 12 North Capital to purchase Cascades of Grants Pass (a 64-unit full-continuum community in Grants Pass, Oregon), Blueprint revealed that it structured the capital stack for the acquisition. Kristen Ahrens and Pat Maloney presented the transaction to more than 50 capital sources, leading to several parties showing interest. Both the debt and preferred equity were sourced on behalf of the experienced GP borrower. Blueprint targeted regional/national banks, life companies and private lenders for the debt, with a large regional bank winning the debt as a result of their strong terms and pricing, which... Read More »
Two Refinances Close in New York
NewPoint Real Estate Capital LLC provided refinances to a skilled nursing facility in central New York and a skilled nursing facility in Bronx, New York. Erik Lindenauer, President of FHA and leader of the firm’s healthcare originations platform, arranged both transactions. First, Lindenauer arranged a $19.8 million FHA 223(f) loan to refinance a 112-bed skilled nursing facility in Central New York. The transaction featured a split mortgage structure with differing amortization schedules designed to align with the expiration of a portion of the property’s reimbursement stream. Next, Lindenauer arranged a $26.3 million bridge-to-HUD loan to refinance an assisted living community... Read More »
Several HUD and Acquisition Financings Close
Ikaria Capital Group has had a prolific Fall and revealed several recent transactions. The largest was a $115.5 million HUD refinance for four skilled nursing facilities in Georgia. Derek Whelan originated the loans on behalf of Empire Care Centers and The Portopiccolo Group, which used the proceeds to refinance a proprietary bridge loan structured by the Ikaria team in 2022. Whelan was also joined by Rodger Davis to close a $44.5 million HUD refinance in the Midwest. Wrapping up the HUD activity, Ross Holland originated a $10.9 million loan in the Pacific Northwest on behalf of a new client. Lastly, there were a couple of acquisition loans. First, Davis... Read More »
Active Adult Community Secures Freddie Mac Refinance
An active adult community in Hurst, Texas, paid off its existing bank debt with a Freddie Mac refinance arranged by Berkadia. Heritage Village Residences was built in 2014 with 120 units, including 10 cottages. It was part of multiple acquisitions over the years, first in 2020 when Edison Equity Management Corporation bought it for $23.3 million and invested approximately $500,000 in renovations. As a result of the property renovations, management was able to significantly increase in-place rents. Then, in December 2022, Edison Equity sold the property to an out-of-state buyer in an “off-market” process with a local broker who represented an out-of-state buyer with an existing Dallas-Fort... Read More »Schedule a demo
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