CBRE Secures Financing For Class-A Seniors Housing Community
CBRE secured financing for a Class-A seniors housing community in North Dakota on behalf of a joint venture borrower. Built in 2017, New Perspective West Fargo is in Fargo, one mile from Sanford Medical Center, North Dakota’s newest and largest medical center. The community features 128 independent living, assisted living and memory care units and is managed by New Perspective Senior Living. The joint venture borrower includes New Perspective, Boldt Real Estate Development and Fengate Asset Management. New Perspective develops, invests and operates senior living communities, with a portfolio of 40 communities in Minnesota, Wisconsin, Illinois, Indiana and North Dakota. Boldt is a... Read More »
Owner/Operator Chooses Refinance Over Sale
A national owner/operator faced with an underperforming seniors housing property in Missouri and maturing debt on the property secured a refinance thanks to JD Stettin of Carnegie Capital. The borrower, which has over 30 properties in its portfolio, acquired the 45-unit assisted living community in late 2017. Occupancy and cash flow decreased steadily since the pandemic, and the community could not cover its debt costs from operations despite cash flow being above breakeven. It did not help that some key staff members at the community had unexpectedly left. Like so many lenders did during and after the pandemic, the existing bank extended the maturity of its loan several times but... Read More »
The Lodge at Mallard’s Landing Secures Refinancing
Northmarq handled a $35 million refinance of a senior care campus in Gig Harbor, Washington. Built in two phases from 2010 to 2015, The Lodge at Mallard’s Landing features 147 private pay independent living, assisted living and memory care units. The three-story main building comprises 98 IL/AL units and 24 IL cottages. The separate, two-story memory care building has 25 units. Occupancy hovered over 95%. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America. The six-year loan had a fixed rate at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component allowing the... Read More »
Bascom’s First Seniors Housing Acquisition of 2024
The Bascom Group, a private equity firm specializing in value-add multifamily, commercial and non-performing loans, real estate-related investments and operating companies, acquired a seniors housing community in Boulder City, Nevada, to expand its portfolio. This marks its fifth acquisition of 2024, but first in seniors housing, following the purchase of three multifamily communities and one student housing community. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 1999, Homestead at Boulder City is an assisted living community with 72 units on 6.39 acres that comprises 55,305 square feet. The... Read More »
Forbright Bank Closes Three Bridge Loans
Forbright Bank’s Healthcare Lending team closed three new bridge loans in the first quarter of 2024 to help finance the acquisition of two assisted living communities and two skilled nursing facilities in the Southeast and Midwest. In total, the properties comprised around 500 beds and ranged in age from a few years to 15 years old. Renovations are also planned across the locations. In these transactions, Forbright closed more than $50 million of bridge and bridge-to-HUD financing for several well established owner/operators. Read More »Schedule a demo
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