CBRE Secures Bridge Financing for CPF
CBRE secured bridge financing for four seniors housing communities on behalf of CPF Living Communities, which has 51 communities under ownership, totaling 6,537 units across 18 states. The communities are currently managed by Grace Management, CPF’s wholly owned management affiliate. Aron Will and Tim Root secured a large loan through a national bank. The four communities are Acacia Springs (Las Vegas, Nevada MSA), Camellia at Deerwood (Jacksonville, Florida MSA), Northgate Park (Cincinnati, Ohio MSA) and Sedgwick Plaza (Wichita, Kansas MSA). The portfolio totals 329 independent living units, 281 assisted living units and 16 memory care units. Read More »
Meridian Capital Group Closes Out Strong Q2
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed over $850 million in transaction volume in the second quarter of 2024 across 26 transactions, following $525 million closed in the first quarter of the year across a mix of investment sales and financings. In their most recent transactions, the platform successfully sold four skilled nursing facilities comprising 800 beds in Massachusetts and Connecticut for $60.6 million, or $75,750 per bed. They also sold two skilled nursing facilities in Tennessee with 276 beds for $28 million, or $101,450 per bed, also arranging $22.4 million in financing from a REIT for the acquisition.... Read More »
CIBC Finances Wisconsin SNF Portfolio Deal
CIBC Bank USA provided an $85 million acquisition financing term loan and a $2 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Wisconsin. The size of the portfolio was not disclosed, but historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction on behalf of CIBC. Read More »
AOG’s Foray into The Active Adult Sphere
A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors. Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »
Greystone Secures Arizona HUD Refinance
Greystone provided a $29.4 million HUD loan to refinance a skilled nursing facility in Tucson, Arizona. The permanent loan carries a 35-year term and amortization. Sandstone of Tucson Rehab Centre in Pima County comprises 240 beds in 127 units, with 43 private and 84 semi-private rooms. Eric Rosenstock handled the transaction on behalf of Sapphire of Tucson Properties. Read More »Schedule a demo
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