SLIB Sells Two Florida Communities
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage sold a couple of seniors housing communities in Florida. Totaling 173 units of assisted living and memory care, the communities are located in Lutz and Orange City, Florida. They were previously owned by a partnership between an institutional capital provider and a national operator, which engaged with the SLIB team to run a competitive process. There were multiple offers from both regional and national buyers, but the eventual buyer was a Florida-based regional owner/operator continuing to grow its presence across the southeastern United States. Read More »
CFG Closes Its Largest Transaction of 2023
Capital Funding Group announced its largest transaction of 2023, so far, with the closing of $207 million in financing to support the refinancing of ten skilled nursing facilities. The facilities, which are located in Maryland, Virginia and North Carolina, consist of more than 1,200 beds. The deal was closed on behalf of affiliates of The Portopiccolo Group, a New Jersey-based family office with a large portfolio of skilled nursing facilities in the country. Capital Funding Group Managing Director, Real Estate Finance Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company, which allowed for an equity recapture at closing, a transition to third-party... Read More »
60 Seconds with Steve Monroe: A Win For Providers
We all know that the Life Care Centers of America nursing home in Kirkland, Washington was the location of the first major SNF outbreak of COVID at the beginning of the pandemic. Well, the families of two residents who died sued the facility, the management company and some employees for negligence. As I have stated too many times, this early in the pandemic no one really knew what was going on, no one understood the severity, and no one knew what to do with the early cases, if they even had test kits, and to be held liable for deaths in those early weeks did not seem to make sense. While the jury found that the company was not at fault for the deaths of the two women, the jury found... Read More »
SLIB Nails Nevada Closing
A stabilized independent living community in Reno, Nevada, sold to a private equity company that specializes in active adult and independent living. A regional owner/operator based in the western United States developed the 131-unit community in 2020 and leased it up quickly. Not only was the occupancy strong, but the community operated at a very healthy margin. Well-performing communities have not been hitting the market much these days, so pricing must have been strong for the asset, although the purchase price was not disclosed. However, the cap rate was approximately 6% based on trailing stabilized financials. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of Senior... Read More »
CBRE Helps Finance Chicagoland Acquisition
Focus Healthcare Partners acquired a large senior living community near Chicago, Illinois, thanks to a bank loan arranged by CBRE. The target, Lexington Square of Elmhurst, was built in 1990 about 20 miles west of downtown Chicago. It features a total of 348 units of independent living and assisted living in an entrance-fee CCRC model. However, after rebranding the community as The Roosevelt at Salt Creek, Focus Healthcare Partners will execute a significant capital improvement plan and convert the community to a rental model. The community will also feature a fitness center, swimming pool, billiards lounge and barber, among other amenities. Aron Will, Matt Kuronen and Michael Cregan... Read More »
Ziegler Sells Asset on Behalf of Marquee Capital
Ziegler, a specialty investment bank, served as exclusive financial advisor to Marquee Capital (formerly, Berengaria Development) on the sale of Terova Senior Living, a 101-unit senior living community in Mequon, Wisconsin. Marquee Capital is the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office. Located in one of the most affluent suburbs in Wisconsin, the community represented the only senior living asset owned by Marquee in the state. Formerly known as Ovation Sarah Chudnow, Terova was built in 2005 and was one of the three Jewish senior living communities in the area. After acquiring the community in 2020, Marquee Capital spent the next two years... Read More »
Lument Arranges Two Short-Term Debt Transactions
Lument announced a couple of financings involving short-term debt, one for an acquisition and one to refinance a stabilizing seniors housing property. First, a long-time operator of a 150-bed skilled nursing facility in Oklahoma City, Oklahoma, was able to take its ownership interest in the facility from 33% to 100% with the help of acquisition financing arranged by Lument. Bill Wilson led the transaction, and Lument’s debt syndications team, led by Steve McGee and Sangjin Na, placed the $10.7 million loan with a community bank. The loan features a five-year term, with a minimum of two years of interest only, 25-year amortization and a fixed interest rate. In addition to funding the... Read More »
Cushman & Wakefield/Greystone JV Announces Latest Refinance
Cushman & Wakefield and Greystone jointly announced the successful refinance of Kōz on Weaver Road, a 100-unit seniors housing community in Snohomish, Washington. Kōz Development, LLC developed the community in 2020 to feature 40 studios, 40 one-bedroom and 20 two-bedroom units in five stories. There are also common spaces on each floor and 130 on-site parking spaces. Cushman & Wakefield served as the exclusive advisor to an affiliate of Kōz Development in arranging approximately $14 million of Fannie Mae financing, which was provided by Greystone. The C&W Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter and John Spreitzer... Read More »
New IL Community Funded by Ziegler
Investment banking firm Ziegler just closed a $31.96 million tax-exempt financing on behalf of EveryAge (formerly United Church Homes and Services), which is a North Carolina-based not-for-profit that consists of three retirement communities and other programs. The funds will be used to construct BellaAge Hickory, located in downtown Hickory, North Carolina, which is 15 miles from EveryAge’s Abernathy Laurels, a CCRC. BellaAge will have 95 units consisting of one- and two-bedroom units with monthly rents ranging from $2,043 to $3,632. These units will be considered “affordable” and will fill a void in the local market. There are limited services and the community does not appear to offer... Read More »
60 Seconds with Swett: The Keys to Retirement Success
Last week, a partnership between Age Wave and Edward Jones conducted a survey with The Harris Poll, getting more than 12,000 respondents, the majority of which were retirees and pre-retirees, to answer questions on the keys to success in retirement. With Edward Jones as one of the initiators of the survey, being a major financial advisory firm, you could bet that one of the main takeaways was going to be the importance of financial preparedness for retirees. Indeed, the report revealed that six in 10 Americans who plan to retire believe they can afford a comfortable and secure retirement lasting more than 10 years. To that we would just say what about the other 40%, a significant portion... Read More »Schedule a demo
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