Chartwell Acquires in Montreal
Chartwell Retirement Residences announced it entered into a definitive agreement to acquire Rosemont Les Quartiers, a CCRC in the Rosemont-La Petite-Patrie neighborhood of Montreal, for US$94.36 million, or US$149,000 per unit. The transaction is structured with US$90.2 million to be paid at closing and a deferred payment of US$4.16 million to be paid in three years. Closing is expected to occur Q1 2025. Rosement Les Quartiers is a phased project comprising 10, seven and six-story connected buildings on a 4.26 acre lot just east of downtown Montreal. Completed between 2016 and 2019, it offers 632 rental units catering to a range of preferences and care types. Read More »
Georgia Community Secures Refinancing
EBSC Lending provided $23.7 million to refinance a 201-unit seniors housing community in Union City, Georgia. The financing includes a three-year, fixed-rate loan with extension options that replaces the existing construction loan. The community, completed in phases between 2016 and 2017, offers independent living, assisted living and memory care. Unit options include studio, one-bedroom and two-bedroom layouts. Read More »
Carnegie Capital Announces Q4 SNF Closings
JD Stettin of Carnegie Capital announced his fourth quarter financing activity, which included acquisition loans closed for four skilled nursing facilities in Texas. Two facilities were located in the northern part of the state, and the other two were near the Mexican border. They combined for 430 beds. Vintages varied, but the older facilities had recently received capex. The existing operator purchased the facilities from three different sellers for an average purchase price of $80,000 per bed. In the previous year, that operator had created significant value at the facilities relative to their long term lease rate. Each acquisition was funded separately through a combination of bridge... Read More »
Walton Street Affiliate Acquires in Texas
Berkadia completed the sale and financing of a Class-A seniors housing community in Austin, Texas. The independent living, assisted living and memory care community was built in 2016 and expanded in 2019. The community’s occupancy rate exceeded 95% at the time of sale with robust cash flows. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers represented the seller, Artemis Real Estate Partners. The property was acquired by an affiliate of Walton Street Capital LLC and will continue to be managed by Texas-based Civitas Senior Living. Austin Sacco, Steve Muth and Garrett Sacco secured acquisition financing through a national bank. The financing, which featured an attractive... Read More »
SNF Trades at High Per-Bed Price
JLL Capital Markets completed the $33 million sale of Coronado Ridge Skilled Nursing and Rehabilitation Center (formerly known as Horizon Ridge), a 121-bed/90-unit skilled nursing facility in Henderson, Nevada. The sale represents one of the highest prices per bed for a skilled nursing facility in Nevada history at $273,000 per bed. JLL’s Seniors Housing Capital Markets team, in conjunction with Managing Director Mark Winter, represented the seller, a joint venture between CREC Real Estate, LLC and The Calida Group. Built in 2017, Coronado Ridge stands two stories tall, sits on 2.3 acres and comprises 68,873 square feet. The facility is well-located to receive discharges from the... Read More »
Tremper Capital Group’s Recent Financing Activity
Tremper Capital Group announced some recent financing activity, including a $10.5 million loan secured to refinance a recently renovated assisted living and memory care community in the Dallas, Texas MSA. The three-year floating-rate bridge loan with a regional bank provides the client time to execute on the in-place business plan. This is a new lending relationship for TCG’s client. TCG also secured a land acquisition loan for a repeat client, Harbert South Bay Partners. The floating-rate loan placed with a regional bank provides Harbert with flexibility to navigate the permitting process for the development of a three-story, 170-unit independent living, assisted living and memory care... Read More »
Berry Weiss Acquires Long Island Portfolio
Jason Punzel, Dave Balow and Brad Goodsell of Senior Living Investment Brokerage facilitated the sale of an assisted living and memory care portfolio in the Long Island region of New York. Built between 1959 and 1974, the portfolio comprises four communities with a total of 567 units, 1,000 beds and 26.21 acres. There was a national marketing effort that procured a significant number of qualified offers. The ultimate buyer was downstate New York owner/operator/private investor, Berry Weiss. Weiss has many seniors housing communities under his ownership as well as other healthcare businesses. The seller was a public, non-listed REIT focused on seniors housing properties throughout the... Read More »
AEW Capital Management Acquires in Florida
JLL Capital Markets handled the sale and financing for Wellington Bay, a 283-unit seniors housing community in Wellington, Florida. JLL’s Seniors Housing Capital Markets team procured the buyer, AEW Capital Management, and secured the three-year acquisition loan through Capital One on behalf of the buyer. Built in 2019, the Class-A Wellington Bay comprises a well-performing 159-unit independent living community and The Lisbet Health Center, which offers 124 assisted living and memory care units. The 45-acre and 749,488-square-foot lakeside campus also offers the ability to expand the IL by an additional 177 units. According to South Florida Business Journal, the seller was Wellington Bay... Read More »
Cardinal Senior Living Buys High-Quality Ohio Assets
Blueprint was engaged by Gables Management Company, an owner/operator/developer, in its divestment of two newer vintage, Class-A communities in the Akron and Columbus MSAs. Built in 2017 and 2021 respectively, the communities total 198 independent living, assisted living and memory care units. Demonstrating strong performance, the communities achieved over 98% occupancy, low-30% operating margins and market leading reputations for quality and care. Blueprint procured six offers from REITs, private equity and owner/operators. The ultimate buyer was Cardinal Senior Living based in Grand Rapids, Michigan. Alex Florea, Connor Doherty and Ryan Kelly handled the transaction. Given the... Read More »
Joint Venture Secures Refinancing
First Citizens Bank announced that its Healthcare Finance business has refinanced The Bristal at Wayne, a 158-bed seniors housing community in Wayne, New Jersey. The borrower is a joint venture affiliate of Chicago-based Harrison Street and B2K Development. The same joint venture served as the community’s original developer, with Ultimate Care Assisted Living as the operator. The community was completed in 2019 at an approximate cost of $50 million, or $315,000 per unit. Read More »Schedule a demo
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