Chicagoland Portfolio Finds New Owner
A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities that had been purchased in a sizable portfolio transaction before the pandemic. The Chicagoland portfolio featured three senior care campuses with a mix of 290 assisted living/memory care units and around 40 Medicare-only skilled nursing units. The assets opened between 1994 and 2000 and were geographically clustered in affluent Chicago suburbs.... Read More »
Publicly Traded REIT Divests in Illinois
Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were disclosed. Read More »
CFG Secures $13.55 Million in HUD Loans
Capital Funding Group closed two HUD loans totaling $13.55 million to support the refinancing of two skilled nursing facilities. Both facilities are in Illinois, and together they comprise 173 beds. No other details surrounding the financing were disclosed. This announcement follows CFG’s closing of $16.25 million in bridge-to-HUD financing on behalf of a nationally recognized borrower for the acquisition of two Utah skilled nursing facilities that totaled 220 beds. This acquisition marked the borrower’s entrance into the state. Read More »
CBRE Secures Bridge Financing For Two Communities
CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities. Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at Whitehall, built in 2018, is in Pittsburgh and comprises 127 independent and assisted living units. Both communities are currently managed by Grace Management, CPF LC’s wholly owned management affiliate. Read More »
G Capital Markets Closes Cash-Out Recap
G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over 40% and occupancy at 90%. Few today can boast numbers like those. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout refinancing, while allowing the borrower to submit a HUD application in 2024 without the need to wait for the typical two years of debt seasoning. GCap arranged the $15.5 million... Read More »
Cambridge Arranges Conventional Loan
Cambridge Realty Capital Companies arranged a $5.95 million conventional loan for the acquisition of Twilight Haven Senior Living, in Fresno, California. Brent Holman-Gomez, Cambridge Senior Vice President, handled the transaction. A California limited liability company obtained the fully-amortized, 25-year loan, which was underwritten by a Utah-based industrial bank. Previously owned by a not-for-profit organization, Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program. However, the selling operator was in bankruptcy, and the... Read More »
Commonwealth Acquires in Michigan
Commonwealth Senior Living recently acquired a seniors housing community near Grand Rapids, Michigan. This marks the third community for Commonwealth in the Grand Rapids area. Redico and American House Senior Living Communities purchased the community in January 2020. Built in 2015 and formerly known as American House Wyoming, the community comprises 102 assisted living and memory care units in Wyoming, Michigan. It was developed by Granger Group originally as First & Main at Metro Health Village. It will be rebranded as Commonwealth Senior Living at North Byron. Commonwealth intends to renovate the community, primarily focusing on enhancing the memory care portion. Read More »
Utah’s Meridian Heights Finds New Owner
Orion Real Estate Partners acquired a seniors housing community in Utah from Tablerock Capital. Built in 1998, Meridian Heights features 96 units in Sandy. The units comprise one- and two-bedroom floor plans that range from 838 to 1,004 square feet. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction. In 2022, the asset became subject to a $4.5 million CMBS loan from Citibank, originated by Berkadia Commercial Mortgage, according to Yardi Matrix data. The note carries a 2029 maturity and a 5.95% fixed interest rate. The community last traded in 2019. Read More »
Two Class-A Communities Sell around D.C.
The Newmark Seniors Housing team facilitated the sale and equity raise for two Class-A seniors housing communities in the Washington, D.C. metro area. They worked on behalf of the sellers, Harrison Street and Palomino Capital, a middle market investment bank. Thrive Senior Living had developed the communities in the late-2010s to include 140 units, each. Built in 2019, Tribute at Melford comprises 104 assisted living and 36 memory care units in Bowie, Maryland. While Tribute at The Glen was built in 2017 with 96 assisted living and 44 memory care units in Woodbridge, Virginia. Cogir had taken over operations at both locations in recent years. We heard that the properties were... Read More »
Seven Properties Sell in Missouri
Eads Investment Brokerage facilitated the sale of seven seniors housing communities in and around Saint Louis, Missouri. Patrick Byrne, who has sold 23 communities in Missouri since 2022, handled the transaction. First, Eads represented a regional owner/operator downsizing to focus on its core markets in the sale of a 96-bed skilled nursing facility with a mostly Medicaid census in Saint Peters. It was operating well and sold for approximately $5.4 million, or $63,000 per bed. Turnover at key leadership positions largely accounted for post-pandemic census and regulatory challenges. The facility averaged 73% census in 2023, producing $5.5 million in revenues, and it was trending... Read More »Schedule a demo
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