Affordable Housing Investment Brokerage Sell Three Affordable Communities in Vermont
Affordable Housing Investment Brokerage Inc. announced it has arranged the sale of a three-property affordable seniors housing portfolio in the greater Burlington area of Vermont. Built in 1999, Eagle Crest comprises 60 units and is located across the street from the second community, Falcon Manor. Built in 2001, Falcon Manor comprises 65 units and sits on 1.5 acres also just east of Burlington. The third community is Hawk’s Nest of St. Albans, which comprises 66 units and is located 30 miles north of Burlington. Occupancy was consistently high across the portfolio, with each building maintaining a wait list, with the longest wait list at Hawk’s Nest, which has 44 units on a HAP contract.... Read More »
Meridian Closes $250 Million in Two-Month Transaction Volume
Meridian Capital Group’s Senior Housing and Healthcare Team closed more than $250 million in transaction volume in the last two months, on top of a productive 2022 that saw the team close more than $6 billion in transactions. The latest deals were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. Included in the haul was a $60 million loan from a commercial bank in addition to a $3.75 million A/R line to refinance two skilled nursing facilities totaling 366 beds in Virginia, a $51.5 million loan along with a $2.5 million A/R line from a commercial bank and mezzanine lender to refinance four skilled nursing facilities comprised of 482... Read More »
Evans Senior Investments Pennsylvania Portfolio
Evans Senior Investments announced the sale of a skilled nursing and seniors housing portfolio in the state of Pennsylvania, representing an in-state owner/operator in their exit from the industry. The portfolio consisted of three properties comprising a total of 395 beds of skilled nursing and 32 units of seniors housing. The purchase price of the portfolio was $39 million, or $91,000 per bed. At the time of marketing, occupancy averaged around 64%, with total portfolio revenue of $27.2 million and an operating loss of -$1.5 million. The portfolio struggled with regulatory deficiencies and staffing shortages, which dropped occupancy to 57% during the transaction process. Evans secured a... Read More »Cushman & Wakefield Refinances IL/AL Portfolio
Cushman & Wakefield announced it has arranged a $51 million refinance of an independent living and assisted living portfolio on behalf of Kisco Senior Living. The three-property portfolio comprises 477 units and spans across the states of California, Texas and North Carolina. The communities within the portfolio are Cypress Court in Escondido, California, Villa de San Antonio in San Antonio, Texas, and Heritage Woods in Winston-Salem, North Carolina. The new loan, which was provided by a national bank, is retiring existing debt. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Sam Dylag represented the borrower in the transaction. Read More »