Seniors Housing Portfolio Secures Refinancing
Greystone arranged a $33.7 million debt placement to refinance a portfolio of seniors housing communities in the Pacific Northwest. David Young handled the transaction, working with banks, credit unions and unlevered, A/B tranched, and back-levered debt funds. The transaction is on behalf of a regional owner of affordable-focused seniors housing communities. The portfolio comprises four properties across two states. Each community also has a Medicaid contract to serve assisted living and memory care residents. The financing was provided by a debt fund meeting the borrower’s expectations on proceeds. Read More »
Kentucky and Tennessee SNFs Secure Financing
MONTICELLOAM announced the closing of a $22 million senior secured working capital facility, complementing the firm’s recent $400 million bridge financing for 29 Southeastern skilled nursing facilities. The working capital facility has a three-year initial term and will cover the day-to-day operating expenses of over 2,900 skilled nursing beds across Kentucky and Tennessee. The transaction was closed on behalf of a returning client. This $22 million transaction contributed to a record year for the firm in 2024, with the highest volume of asset-based loan originations in the firm’s history. Read More »
Sonida Acquires in Ohio
Cushman & Wakefield facilitated the sale of a seniors housing community in Cincinnati, Ohio. Built in 2022, Airy Hills at North Bend Crossing features 50 assisted living and 32 memory care units. However, the community was never opened due to foreclosure on the construction borrower. In 2019, Northmarq secured $18.2 million of construction debt from a regional bank, with a three-year, interest-only loan. In addition, the project received $5.5 million of PACE equity and another $5.3 million of equity to round out the capital stack. It did not help that the community sits adjacent to the 121-unit Wellington at North Bend Crossing Community that was developed by the same entity. Sonida... Read More »
Strawberry Fields Acquires Missouri Portfolio
Justin Knapp and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap were engaged in the sale of a portfolio featuring eight dually-certified facilities across northern Missouri. Licensed for skilled nursing and operating as behavioral health centers, the portfolio includes a total of 1,111 beds spanning from Kansas City to St. Louis. The properties were acquired by Strawberry Fields REIT for $87.5 million, or $79,000 per bed. The facilities are currently leased under a master lease agreement to a group of third-party tenants. Under that master lease, the tenant currently pays annual rent on a triple net basis. Strawberry Fields utilized current working capital and funds... Read More »
Brookdale Secures Giant Fannie Mae Financing
JLL Capital Markets secured a $344.2 million agency lending for the Brookdale Senior Living Portfolio, comprising 47 senior living communities across 14 states with 5,102 independent living, assisted living and memory care units. The properties range from 42 to over 300 units. JLL represented the borrower, Brookdale Senior Living, to originate the seven-year, fixed-rate loan under its Master Credit Facility Agreement with Fannie Mae. Proceeds were used to repay $312.5 million of variable rate debt due September 2027. The loan will be serviced by JLL Real Estate Capital, LLC. JLL’s Capital Market’s Debt Advisory team representing the borrower was led by Managing Director Allison... Read More »
It Takes a Village to Find Construction Funding
Construction financing is still not easy to find these days, although it is better than one year ago, so it takes a lot of patience and persistence for the developers, advisors and ultimate lenders to get the job done. One project in Dublin, California (Bay Area), called The Whitford is now set to get off the ground with an $80 million financing package provided by Live Oak Bank and Nuveen Green Capital, with Tremper Capital Group facilitating the transaction. The borrower, a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners, was looking for non-recourse financing to build a 140-unit, Class-A assisted living/memory care community, which limited the... Read More »
Pines Senior Living Divests to an Investor in East Texas
Amy Sitzman and Giancarlo Riso of Blueprint facilitated the sale of an East Texas assisted living community, marking Blueprint’s 12th and final Texas closing of 2024. The seller was Pines Senior Living. A purchase agreement was signed just five days after LOI execution, and closing occurred on December 30th, 40 days after LOI execution. Built in 1996, the community features 30 units. Pines invested $600,000 in renovations between 2022 and 2023 to modernize the common areas, add updated amenities, fully renovate resident units and enhance the community’s exterior. Operations turned around, and a focus on strong programs and clinical care revenues increased the value. And as a result... Read More »
Ziegler Secures Two Financings
Ziegler announced the closing of Masonicare’s Series 2024 Taxable Loan totaling $17 million for the Senior Living Finance Practice. The loan closed December 16, 2024. Masonicare finalized an affiliation with United Methodist Homes (of Connecticut), which owns/operates five communities in Connecticut and owns The Long Hill Company, which has current operations in Texas, Oklahoma and Oregon. Together, UMH and Long Hill care for approximately 2,000 residents. The combined organization will feature over 4,000 owned and managed units, which would make it one of the largest not-for-profit senior living providers in the Northeast region. Masonicare entered into a purchase and sale agreement... Read More »
60 Seconds with Steve Monroe: First off, Happy New Year Everyone.
I suspect many of you think I am going to talk about the record setting M&A year in 2024 for long-term care, but I believe Ben has fully covered that and will continue to do so in the coming weeks as the stats are finalized. Plus, he now knows more than I do on the topic. No. I am going to talk about a book I just read, called The Big 100 by William Kole. All we have heard about for years, even decades, is the growth in the 80+ and 85+ population and what it will do for the seniors housing industry. This book is about the 100+ population, called centenarians, and super-centenarians, those who have attained 110 years and older. The centenarian group is the fastest growing age cohort,... Read More »
Berkadia’s Recent Transaction Activity
Berkadia announced the financing of four seniors housing communities totaling $29.9 million in Mississippi, Florida and Indiana, with all the deals closing since November. Berkadia also announced the sale of two seniors housing communities. In November, Steve Muth and Andrew Lanzaro leveraged HUD’s 232/223(f) program to close two loans totaling $8.9 million for a first time HUD borrower. The loan proceeds retired maturing bank debt on two Mississippi communities: a 40-unit assisted living community and a 47-unit assisted living and memory care community. At underwriting, one community was fully occupied, while the other had an occupancy rate of 86%. Both properties are located in... Read More »Schedule a demo
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