Investment Management Firm Acquires LA Senior Living
JLL facilitated the sale of a seniors housing community in the Los Angeles suburb of Encino, California. The buyer was an independent investment management firm. Aaron Rosenzweig and Dan Baker represented the seller and procured the buyer in the transaction. Built in 1977, Encino Terrace comprises 73 assisted living units. A recent renovation updated the common areas and 29 of the units. It stands three-stories tall on half an acre and comprises 54,450 square feet. Community amenities include resident laundry, a living room, dining room, fitness center, interior courtyard and a 41-space underground parking garage. Occupancy was 65% at the time of sale. The price was not... Read More »
The Seniors Housing Team at C&W Grows
Cushman & Wakefield hired Matthew Yance as a Director for the firm’s Valuation & Advisory group as part of the senior living and care specialty practice. Based out of the firm’s New York office, Yance will focus on institutional valuations and market studies across the United States. Yance has nine years of experience focusing on the senior living sector. Previously, he was at Newmark where he co-led the seniors housing and healthcare team, overseeing a team of appraisers focused on the senior housing industry as well as business development, assignment management, delivery of appraisal and consulting services, and training of appraisal professionals. Earlier this year, the firm... Read More »
NHI Making Moves in the M&A Market
National Health Investors appears set to get off the M&A sidelines, “sidelines” being relative for the REIT which has engaged in a fraction of new investments compared with pre-pandemic years. So far in 2024, NHI has closed on $56.6 million of investments with an average initial yield of 8.4%, split between both existing and new relationships. In addition, NHI signed LOIs on another $155.4 million, also with an average yield of 8.4% and is evaluating around $270 million of potential investments, excluding portfolio transactions and mostly within seniors housing (which is where the opportunities mostly lie for value-add transactions). The signed LOIs include primarily sale/leaseback... Read More »
Joint Venture Acquires Class-A Active Adult Community in SC
Berkadia announced the sale of a Class-A, active adult community in Greenville, South Carolina. Built in 2022, The Aspens Verdae sits within the 1,100-acre master-planned Verdae neighborhood and comprises 159 one-bedroom and two-bedroom apartments. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders negotiated the transaction on behalf of the seller, Texas-based active adult developer Aspens Senior Living. The community was sold to Charleston, South Carolina-based Blaze Capital Partners and Partners Group. Public records show the purchase price as $33.2 million, or $208,800 per unit, which was financed by a $21.6 million loan from MetLife Investment Management. Read More »
CreativeCap Closes LifeCo Loan
CreativCap closed a lifeco refinance for an existing, Class-A assisted living/memory care community in Northbrook, Illinois. Consisting of two buildings, the community opened in 2014 with 188 units. It leased up well and underwent a $16 million expansion and renovation in June 2019 that added a separate 44-unit memory care building and converted the MC units in the main building to AL. Management has remained in place since opening, and the community is currently achieving high rents and occupancy is in the upper 80s. The owner/borrower is a fund that invests exclusively in seniors housing on behalf of institutional investors, working with the community’s operator. Working on behalf... Read More »
CIBC Secures Refinancing for North Carolina SNF portfolio
CIBC Bank USA and a Greystone Monticello affiliate, along with other co-lenders, recently provided 980Investments, owned by Simcha Hyman and Naftali Zanziper, with $137.0 million in total financing. The credit facilities were used to refinance a North Carolina portfolio of skilled nursing facilities that comprise 1,135 beds. CIBC additionally provided a $6.5 million revolving line of credit to support the ongoing operations of the third-party tenant. Financing was handled on behalf of Greystone by Karina Davydov and Danny Sweeney, and on behalf of CIBC by Matthew Tyler and Neal Netzel. Read More »
Not-For-Profit Secures Financing For Michigan Facilities
Ziegler announced the closing of Sunset Manor Inc.’s $52.1 million Series 2024A and Series 2024B bonds through the Public Finance Authority. Sunset Manor is a 501(c)(3) organization that owns and operates four facilities in Jenison, Grandville and Grand Haven, Michigan. The bonds consist of four sub-series: $20.7 million in revenue refunding bonds (Series 2024A-1), $6 million in revenue bonds (Series 2024A-2), $20.4 million in revenue refunding bonds (Series 2024B-1) and $5 million in revenue bonds (Series 2024B-2). The proceeds of the Series 2024 bonds will be used to refinance its existing debt, finance $11 million for capital expenditures, and pay for costs of issuance associated with... Read More »
Another County-Owned SNF Finds New Owner
Fewer and fewer counties have been able to hold onto their skilled nursing facilities, often lacking the scale (or expertise) to operate them profitably and having to support large losses on their books for years. COVID, the staffing shortage and soaring expenses did not help many, and we have seen more sales of county-owned facilities since then, although they were occurring for years before the pandemic, too. Evans Senior Investments recently sold Samaritan Health Center, a county-owned senior care facility in West Bend, Wisconsin. Built in 1969 and renovated in 2009, the facility is located about 30 miles northeast of Milwaukee. It offers three licensed programs: a skilled nursing... Read More »
CareTrust Announces Latest Investments
Building on its active investment year, so far, CareTrust REIT announced a major loan origination in the form of a $260 million senior mortgage loan and a $43 million preferred equity investment in connection with the borrower’s acquisition of a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units with 21 skilled nursing facilities and 16 seniors housing facilities located in Oregon, Washington, Alaska, Arizona, Idaho, California, Montana and Nevada. The borrower, a joint venture between a large health care real estate owner and a subsidiary of PACS Group, acquired the 37 facilities, which will be operated... Read More »
CBRE Refinances Class-A Active Adult Community
CBRE arranged a refinance for a Class-A active adult community in the Atlanta, Georgia MSA, on behalf of a joint venture between Capitol Seniors Housing and Bain Capital Real Estate. Built in 2023, Outlook Gwinnett features 180 units within an 89-acre, master-planned community called The Exchange of Gwinnett in Buford. It is managed by Greystar Real Estate Partners. Aron Will and Adam Mincberg originated the interest-only loan through a debt fund enabling the community to complete lease-up in its dynamic MSA. CBRE also financed the construction of the community in 2022. Read More »Schedule a demo
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