CBRE Returns to Oregon for Another Refinance
CBRE National Senior Housing arranged the refinance of two senior living communities in Oregon: The Springs at Carman Oaks in Lake Oswego and The Springs at Wilsonville, just south of Portland. Aron Will, Tim Root and Michael Cregan arranged the financing on behalf of the borrower, The Springs Living, an owner/operator of 19 senior living communities across Oregon and Montana. Totaling 294 units of independent living, assisted living and memory care, the communities are highly amenitized with fitness centers, dining rooms, lounge areas, movie theaters, putting greens and more. CBRE originated a three-year loan totaling $58 million with two years of interest only to effectuate the... Read More »
Largest C-PACE Financing in History Closes
D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, just priced and closed the largest C-PACE (Commercial Property Assessed Clean Energy) financing in history, totaling $160 million. Petros PACE Finance actually closed the previous record-high C-PACE financing for a major mixed-use development project in Ivins, Utah, totaling $153 million in October 2022. The recipient of the $160 million financing was Summit Vista, a CCRC in Taylorsville, Utah (Salt Lake City MSA), and proceeds will go towards funding ongoing construction projects at the community. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100% of building... Read More »
Bourne Financial Group Working on Baltimore-Area Development
Bourne Financial Group, Park Avenue Lifestyle (part of the Bourne Financial Group family of companies) and Bob Bourne are partnering to develop a large senior living community in Bel Air, Maryland, near Baltimore. The community will be a part of James Run, a 108-acre mixed-use development currently in the works. Once complete, the mixed-use property will consist of 300 residences across six buildings, townhouse villas and apartments totaling 270 units, and the senior living community. There will also be retail space, office/medical space, a daycare, hotel and conference center. Featuring a total of 160 units, the senior living community will have independent living and assisted living... Read More »
Greystone Refinances Pair of Supportive Living Facilities
Greystone provided $35.7 million in HUD loans to refinance two supportive living facilities in Illinois. Built in 2004 and 2005, the properties total 272 units and provide an alternative to a nursing home for low-income seniors who do not require skilled nursing care. Greystone’s Eric Rosenstock originated the financing on behalf of Grand Lifestyles. The non-recourse loans both carry 35-year terms, full-term amortization and fixed rates. The transaction follows another supportive living facility refinance that Rosenstock arranged for The Pointe at Kilpatrick, a 122-bed facility in Crestwood, Illinois. For that property, Greystone provided a $13.7 million HUD loan with a 35-year term and a... Read More »
Big Move In The Brokerage Business
Talk about a surprise move. Three key executives at Cushman & Wakefield just jumped ship and landed at JLL Capital Markets. The trio includes Senior Managing Directors Jay Wagner and Rick Swartz, who will co-lead the team at JLL, and Senior Managing Director Aaron Rosenzweig, who will focus on investment sales, joint venture equity and financing transactions throughout the U.S. Wagner and Swartz were co-heads and Vice Chairmen of the Seniors Housing Group at Cushman. Rosenzweig served as Executive Director of the group, working on more than $11 billion in transactions over a 12-year period. This includes M&A, debt and equity placements. This is a big blow to C&W, which had... Read More »
ServingIntel Serves Up New AI Platform
AI is on the minds of many these days, and its seemingly limitless capabilities in the not-too-far future are creating both hope and angst among the public. Certainly, in health care, the possibilities of making care better, more efficient and more effective are an exciting prospect. And we are still in the early days of it. One company, ServingIntel, is launching a new AI platform designed specifically for senior living communities. Already serving communities across the country and in Canada with point-of-sale and robotics technology that helps provide higher resident satisfaction, increased revenue and enhanced staff productivity, ServingIntel has now created Ruby AI. With... Read More »
SLIB Sells Three Southeast Seniors Housing Communities
Three seniors housing communities in the Southeast sold to a private equity group partnering with a management company that was looking to enter the region. The Tennessee community is located in the town of Madison, while the two Georgia communities are in Marietta and Jonesboro. Built in 1999 and 2000, they consist of 228 units of assisted living and memory care. These were outliers for the outgoing owner/operator, which is based in the western United States and has its core operations in the region. The properties were also struggling operationally, which probably added to the seller’s motivation. Vince Viverito, Brad Clousing, Jason Punzel and Brad Goodsell of Senior Living... Read More »
BWE Finances New Development in Georgia
BWE, a national commercial and multifamily mortgage banking company, closed a $4.5 million long-term loan for Legacy at Walton Trail, a newly constructed affordable seniors housing development in Villa Rica, Georgia (Atlanta MSA). The loan includes an 18-year term with a 35-year amortization. The property is also financed with 9% Low-Income Housing Tax Credits and a loan from the Housing Authority of Villa Rica. Victor Agusta, Jr., Executive Vice President in BWE’s Raleigh, North Carolina office, originated the Freddie Mac Targeted Affordable Housing loan on behalf of the borrower, Walton Communities. Built on the site of obsolete public housing, Legacy at Walton Trail comprises 90 one-... Read More »
60 Seconds with Swett: An End to the Public Health Emergency
After more than three years in effect, the federal COVID-19 public health emergency ended on May 11. That seems like a moment worth celebrating, after the upheaval the country has experienced since the beginning of the pandemic. The vast majority of Americans wouldn’t have noticed the switch, since life has been pretty much back to normal for over a year now. But health care facilities will feel the change. Although states and localities may have different rules, staff vaccine mandates that caused a lot of consternation and even reached the Supreme Court will end at nursing homes, thereby hopefully relieving some of the staffing stresses on facilities. Continuous enrollment policies... Read More »
Major Medicaid Waiver AL Portfolio Sells in Midwest
A major portfolio of Medicaid waiver assisted living communities sold in the Midwest, with Connor Doherty, Ryan Kelly and Alex Florea of Blueprint Healthcare Real Estate Advisors handling the transaction. The portfolio, which has seven locations in Indiana and four in Ohio all built around 2000, consists of 1,400 total units. Altogether, the communities earned approximately $56 million and $12 million in revenues and EBITDAR, respectively, for a strong 21% margin. Not too many Medicaid waiver portfolios of this size hit the market, let alone stabilized portfolios, but ownership desired to execute a succession plan and engaged Blueprint to create a competitive bidding process. Apart from... Read More »Schedule a demo
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