Executives on the Move
Greystone, a real estate lending, investment and advisory company based out of New York City, has appointed a new CEO, Hafize Gaye Erkan. A former executive at publicly traded First Republic Bank, she takes over this position after 18 years of experience in the banking sector. She has a distinguished background, holding a Ph.D. in Financial Engineering from Princeton University, and has spent nearly a decade with Goldman Sachs. Dr. Erkan plans to expand Greystone into new areas of financial services while continuing to provide real estate finance services. Her banking and wealth management experience will be utilized to expand Greystone’s lending products and private wealth management... Read More »60 Seconds with Steve Monroe: The Road to Recovery
We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is a big difference between pre-pandemic levels, and say, those levels in 2016 or 2017 which, at a minimum, should really be the target. For example, Welltower’s SHOP portfolio of 51,000 seniors housing units had a 91.0% occupancy rate and margin of 32.8% in the first quarter of 2016. By the fourth quarter of 2019, with 70,000 units, they had fallen... Read More »Cushman & Wakefield Handles New Jersey Transaction
Last week, Inspired Healthcare Capital announced its acquisition of Homestead at Hamilton, a 195-unit seniors housing community in Hamilton, New Jersey, and we have learned that Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin arranged the sale. Built in 2017 at a cost of approximately $60 million, or $308,000 per unit, the Class-A building has 96 independent living (opened in November 2017), 75 assisted living and 24 memory care units (licensed in April 2018). A joint venture between Pike Construction Co. and Solvere Senior Living developed the community. Amenities include a restaurant-style dining room, a pub, a card and game room, an exercise studio and... Read More »Walker & Dunlop Sells Two California Communities
Walker & Dunlop has announced the sale of two California communities, both located in the greater Los Angeles area. The deal included Westminster Terrace, a 76-unit assisted living community built in 2000 in Westminster, and Del Obispo Terrace, a 94-unit assisted living community built in 1984 in the town of San Juan Capistrano. Dallas-based healthcare real estate group, MedCore Partners, sold both properties.Before the sale, MedCore invested a total of $4.4 million in upgrades and renovations across the two campuses. With those renovations finished, they sold Westminster Terrace to Oxford Health Group, and then sold Del Obispo Terrace to AEW a month later. The purchase prices were not... Read More »SLIB Closes Tennessee Transaction
A private REIT divested a couple of seniors housing communities in Tennessee that were deemed to be outliers for its national operator partner. Located in Knoxville and Powell, the communities feature a combined 102 assisted living and memory care units. Senior Living Investment Brokerage’s Bradley Clousing and Patrick Burke marketed the assets and presented six qualified offers, with the seller selecting a joint venture between a real estate/asset management firm and an operator with an existing footprint in Tennessee. No other details were disclosed. Read More »Schedule a demo
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