BWE Refinances Philly-Area Asset
BWE announced a new refinance just before Thanksgiving, closed on behalf of a joint venture between Renew REIT and Heritage Senior Living. The property in question is Keystone Villa at Douglassville, a 247-unit community in the Philadelphia MSA with independent living, assisted living and memory care services. The community opened in 2011 with 125 AL and MC units before a 122-unit IL portion was added in 2015. Occupancy was 92% at the time of closing, and the community operated well. It received a $57.8 million loan from a national commercial bank, which was a new relationship for the borrower. The non-recourse loan also featured a competitive floating rate, prepayment flexibility... Read More »
Generations Healthcare Expands in California
Generations Healthcare has made multiple senior care acquisitions this year, expanding its already-established footprint in California. First, over the summer Generations acquired Bradley Gardens, a 44-bed skilled nursing facility in San Jacinto, from a mom & pop. The renovation phase completed in October, with it re-opening as a full skilled nursing/behavioral health facility, giving much needed beds to Riverside County and surrounding counties. At the time of sale, it was not performing well. Next, Generations acquired a standalone memory care community in October. Built in two stages in the 1980s and late 1990s/early 2000s, Claremont Hacienda is in Claremont with 58 beds. The... Read More »
North Carolina Community Receives Refinance
Berkadia secured a large Freddie Mac refinance for a seniors housing community in Greensboro, North Carolina. The borrower, California-based KISCO Senior Living, acquired Abbotswood at Irving Park in 1996 (according to LevinPro LTC) when it was a 10-year-old, 149-unit independent living community. KISCO was known as Kisco Retirement Communities at the time, and now it owns and operates 20 senior living communities in six states, including six communities in North Carolina.. Over the years, it has grown to now include 173 units and a full spectrum of senior living options, including IL cottages, IL apartments, assisted living and memory care units. The 1996 purchase price was approximately... Read More »
AL/MC Community Secures Refinancing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, closed $18 million in bridge financing for a seniors housing community in Wisconsin. The financing was originated by Karina Davydov on behalf of a repeat client. The bridge loan helped refinance the outstanding debt on an assisted living/memory care community with more than 100 units. The refinance also positions the property for a future HUD financing. Read More »
Joint Venture Enters Kansas
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Olathe, Kansas. Built in 1978 with an extensive remodel in 2016 and a 60-unit independent living expansion project in 2020, Anthology of Olathe comprises 60 independent living, 68 assisted living and 28 memory care units. The seller was a national owner/operator, and the buyer was a joint venture between an East Coast-based private equity group and Willow Ridge Senior Living. This is its first acquisition in Kansas. Jason Punzel, Jeff Binder, Dan Geraghty and Dave Balow handled the transaction. There were multiple offers for the community, and the selected joint venture buyer intends to continue... Read More »
60 Seconds with Swett: Another Year Down, and A Lot To Be Thankful For
It was another chaotic year, as has been the norm post-COVID, but we still have a lot to be thankful for. The seniors housing and care industry continues to show remarkable resiliency in the face of inflation, staffing crises, and countless negative attention in the media and among politicians. We are thankful for the thousands of caregivers furthering the mission every day of serving our seniors and making the last years of their lives fruitful, happy and well-spent. We are thankful to the capital providers who stuck with the industry through the bad times, injecting much-needed funds into aging physical plants and financing as many acquisitions as they did, giving us plenty to... Read More »
Stride Bank’s Recent Activity
We learned of a number of recent financings provided by Stride Bank for senior care facilities across the country. First, the bank refinanced multiple assets in New Mexico and West Texas. The relationship with this particular borrower began in June 2023 (through Clint Miller of Ziegler) when it was looking to execute a bridge-to-HUD strategy and its prior, larger regional bank was unwilling to entertain. The portfolio features a mix of HUD-qualified and non-HUD-qualified assets, and the borrower needed an institution that allowed a multi-step process to release the HUD-qualified assets slowly. The senior credit facility will fully retire once the HUD-qualified assets are refinanced,... Read More »
Owner/Operator Acquires AL/MC Portfolio in Ohio
A northeastern Ohio portfolio of assisted living/memory care communities sold out of receivership, with the help of Ryan Saul of Senior Living Investment Brokerage. Dubbed “The Lantern Group Portfolio,” the three communities feature a combined 220 units, split between 135 assisted living and 85 memory care units. Built in 1960, Lantern of Madison is located about 40 miles northeast of Cleveland, Lantern of Chagrin Valley (built in 1976) is just 15 miles southeast of Cleveland, and Lantern of Saybrook (built in 2015 in the town of Ashtabula) is halfway between Cleveland and Erie, Pennsylvania. Mike Flanagan was brought in as the receiver of the portfolio, who then hired Everest... Read More »
Spyglass Healthcare Secures Financing
A growing skilled nursing owner/operator is priming itself for further growth with a new revolving credit facility structured by Grant Goodman of G Capital. Bay Area-based Spyglass Healthcare currently has six facilities in its Northern California portfolio, and it obtained the financing to fund working capital, future acquisitions and general corporate purposes. Texas Capital Bank provided the $15 million ABL financing with a SOFR-based rate and an attractive spread. In 2024, the $31 billion-dollar bank significantly expanded its healthcare business, with industry veteran Shane Passarelli leading the charge. We expect to hear more soon from all parties. Read More »
Joint Venture Secures Refinancing
Harrison Street and Dial Retirement Communities secured a refinance for their seniors housing property in Batavia, Illinois (Chicagoland), thanks to the team at Newmark. The Landings, which opened in Spring 2021, features 142 units of independent living, assisted living and memory care. It was very well occupied, at 96% with a waitlist. The borrowers wished to refinance the construction loan on the property and obtained a new bank loan with a three-year term, full term of interest only and amortization. It was also a non-recourse loan, but the amount was not disclosed. There was a competitive interest rate. Read More »Schedule a demo
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