Greystone’s New Addition
David Young has joined Greystone as a Managing Director for healthcare finance. He will be focusing on originating and structuring senior loans for the company’s FHA lending platform, as well as other financing options such as bridge, Fannie Mae and Freddie Mac. Based in the New York area, Young reports to Christopher Clare, Managing Director for healthcare finance. Prior to joining Greystone, Young was a Managing Director at Locust Point Capital, where he originated and structured over $2 billion in seniors housing and skilled nursing debt and equity, including preferred and joint venture capital. Earlier in his career, he served as CFO for Radiant Senior Living. While at Radiant,... Read More »
Newmark Closes a Cap Rate Deal in Texas
There was a cap rate deal in Texas at the start of August, a relative rarity in today’s market. Newmark closed the sale of Heartis San Antonio, a 109-unit assisted living/memory care community in San Antonio, Texas, to an undisclosed buyer. The community was developed by Caddis Partners, the seller, in 2016 and had been a strong performer ever since opening, even through the pandemic. It was nearly full at the time of the sale, with a healthy operating margin. With so few performing properties available for sale these days, interest from buyers was strong, and we understood pricing reached the mid-$30 million range. The community also sold at a cap rate in the high-6s, a very good... Read More »
Evans Senior Investments Handles Wisconsin Transaction
Evans Senior Investments arranged the sale of an assisted living/memory care community in Wisconsin. Located in Madson, the community comprises 120 units and was experiencing financial difficulties due to its high usage of Medicaid waivers when the operator was brought in by National Health Investors in 2019. However, over the past three years, the operator was able to increase the private pay census to 82% and raise the community’s overall occupancy rate to 69%, while decreasing the reliance on Medicaid. Emerging as the buyer of the community was Eden Senior Care. This marks the second transaction Evans Senior Investments has closed with Eden Senior Care in the last year and this... Read More »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 »Schedule a demo
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