NewPoint’s New Way Forward with CEO Nick Gesue
NewPoint Real Estate Capital announced its strategic integration of the Alder View Capital (SVC) team into its platform. The move came on the heels of NewPoint’s appointment of AVC’s founder and CEO, Nick Gesue, as CEO of NewPoint itself. AVC’s Kevin Laidlaw and Cal Masterson will be joining Gesue at NewPoint, as well, adding to NewPoint’s deep bench of expertise. The combination will position NewPoint as a leading provider of borrower-centric capital solutions to the senior housing and care sector, in addition to the broader multifamily and residential housing sector. And the NewPoint platform provides AVC clients with access to a suite of lending options, including agency (Fannie Mae and... Read More »
Winterpast & Broadview Refinance in Georgia
CBRE arranged a refinancing of Vitality Living Frederica in Georgia on behalf of a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. Aron Will and Tim Root arranged the $14.8 million, three-year floating rate loan with 24 months of interest only through a regional bank. The community is between Savannah, Georgia, and Jacksonville, Florida, on St. Simons Island, the largest barrier island in the Golden Isles. It features 60 assisted living and 24 memory care units. Vitality Living, WCP’s affiliated operating partner, will continue to manage the community. Read More »
Ziegler Closes Two Transactions
Ziegler announced the closing of the Trinity Terrace $72.55 million Series 2024 bonds through the Tarrant County Cultural Education Facilities Finance Corporation. The transaction was structured without a mortgage or real estate pledged as security to bondholders. The Cumberland Rest, Inc. d/b/a Trinity Terrace is a not-for-profit corporation incorporated under the laws of the State of Texas in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity owns/operates a CCRC in Fort Worth, Texas, known as Trinity Terrace. The community, which sits on 5.457 acres, was originally opened in February 1983. It features 316 independent living apartments, 12 assisted... Read More »
Financing Obtained for SNF Portfolio Acquisition
First Citizens Bank announced that its Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois that comprise over 1,500 beds. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states. Read More »
Arkansas Community Secures Financing
IPA Capital Markets, a division of Marcus & Millichap, announced the $35.53 million financing of Meadowview of Fayetteville, a 117-unit senior living community in Fayetteville, Arkansas. The ground-up development will feature 60 independent living units and 47 assisted living units. Frank Montalto secured the financing with a local bank on behalf of a private developer. Terms of the construction loan include a five-year term and 70% loan-to-cost at SOFR + 3.10%. Read More »
American Healthcare REIT Expands Cogir Relationship
American Healthcare REIT, which went public earlier this year, and Cogir Management USA expanded their relationship to 14 communities with AHR’s latest acquisition of four communities in Washington State. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard, Blossom Valley in Wenatchee and Blossom Creek in Wenatchee. Combined, the communities offer 207 units of assisted living and memory care. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir, which acquired Cadence Living in late 2022, also now manages 22 communities in Washington and 84 communities across the United States. Read More »
Eads Announces Four Deals in Four States
It was a productive summer for Eads Investment Brokerage, which closed four deals across four states and nine properties. There was a mix of seniors housing and skilled nursing assets, as well as seller types. The first deal, a June closing, featured Johnson Christian Village, a senior living community 25 miles south of Bloomington, Indiana. An out-of-state, faith-based not-for-profit sold the property to a local investor that has experience in managing Indiana Medicaid waiver programs. Around the same time, Eads also sold a recently renovated skilled nursing facility in Des Moines, Iowa. The out-of-state operator was divesting the property in order to focus on its core markets, but... Read More »
SLIB Sells in NY and KY
Senior Living Investment Brokerage announced the closing of two separate seniors housing transactions in New York and Kentucky. First, Patrick Burke and Dave Balow facilitated the sale of an adult home and Assisted Living Program (ALP) community in upstate New York. The community, built in 1999 and renovated in 2019, comprises 60 units and 120 beds in an attractive sub-market in western New York. It benefits from the ability to attract private pay residents in the area, as well as those with Medicaid as the payor for the ALP beds. There is room for improvement operationally, as occupancy was at 65.7% at the time of closing and the community was just under breakeven. The seller was a... Read More »
W&D’s Busy First Half of the Year
Walker & Dunlop has had a good first half of the year, having closed 17 transactions. These transactions involved 28 assets spread across California, Colorado, Idaho, Florida, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania and Washington. The assets comprise 2,955 units and total transaction volume YTD is $599 million, with the average transaction size $35.23 million and the total under agreement $361 million. In July, W&D facilitated the sale of a seniors housing community in Huntingdon Valley, Pennsylvania, on behalf of a regional developer that has developed approximately 15 seniors housing buildings in the Philadelphia MSA. Built in 2022, Crescent Fields at... Read More »
Berkadia’s Recent Activity
Berkadia has had a busy few months, filled with financing transactions and an investment sales closing. First, Jay Healy was engaged by three separate sponsors to finance four loans that total $66 million. At the end of June, Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, is interest only and prepayable at any time. The property is a 90-bed skilled nursing facility in North Tampa, Florida. PruittHealth developed the community in 2022 and has operated it since. In July, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based... Read More »Schedule a demo
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