Foundry Commercial Expands in Oregon
A seniors housing community in Keizer, Oregon, The Village at Keizer Ridge, was recently acquired by Foundry Commercial. Foundry now owns 30 senior living communities totaling over 1,900 units and operates 57 senior living communities totaling over 3,800 units across the U.S. The Village comprises 126 assisted living/memory care units and was built in 2016. Foundry’s regional operating partner in the pacific northwest, Cascadia Senior Living, will operate the community. Cascadia now manages 17 assets in the region. The transaction was led by Ryan Weekes, Zach Strunk and Katie Rosica of Foundry. And Newmark handled the transaction. No other details were... Read More »
Greystone’s New Addition
David Young has joined Greystone as a Managing Director for healthcare finance. He will be focusing on originating and structuring senior loans for the company’s FHA lending platform, as well as other financing options such as bridge, Fannie Mae and Freddie Mac. Based in the New York area, Young reports to Christopher Clare, Managing Director for healthcare finance. Prior to joining Greystone, Young was a Managing Director at Locust Point Capital, where he originated and structured over $2 billion in seniors housing and skilled nursing debt and equity, including preferred and joint venture capital. Earlier in his career, he served as CFO for Radiant Senior Living. While at Radiant,... Read More »
High-Quality Community Trades in Colorado
United Properties, a Minnesota-based commercial real estate investor, sold its trophy asset in Littleton, Colorado, in a bidding process that yielded 11 offers over the course of a three-week marketing campaign conducted by Evans Senior Investments. Built in 2018, Balfour at Littleton features 86 units of assisted living and memory care. It was 97% occupied, consistently maintaining an average occupancy rate of 95% over the past 12 months, despite new supply coming into the market. An investment group based in Ohio emerged as the buyer, paying $31.5 million, or $366,300 per unit. The transaction closed within weeks of the bid deadline. Read More »
Oxford Finance’s 2023 Financing Activity
Oxford Finance announced that its Healthcare Real Estate and ABL Group provided over $430 million of capital commitments in 2023. The group closed a total of 11 transactions ranging in size from $2.0 million to $89.0 million. Heading into 2024, with a more favorable interest rate environment, Oxford intends to continue its current expansion trend. First, Oxford provided a $14.25 million revolving line of credit to finance working capital needs at 29 skilled nursing facilities for an expanding Texas-based operator. The credit facility also includes an accordion feature that would allow the borrower to increase the line limit to $27.25 million. Next, Oxford provided a $34.1 million term... Read More »
National Developer/Investor Sells in Texas
Blueprint was engaged by a national developer/investor in the sale of a seniors housing asset in Dallas, Texas. Built in the early-1990s, this assisted living/memory care community comprises 93 units. The incumbent operator, Juniper Communities, had an interest in the community and was selected as the ultimate buyer. This community was purchased by the seller pre-COVID as part of a sizable, value-add portfolio transaction with over 12 scattered, older-vintage communities, with the potential for operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. COVID, combined with the rise in interest rates, created a... Read More »
Ziegler Announces Funding For Two Seniors Housing Assets
Ziegler announced the closing of a private placement of subordinate senior living revenue bonds (the Series 2023 bonds) on behalf of Convivial Life, Inc., a Florida not-for-profit organization. Jacaranda Trace, owned by Convivial Life, is part of a multi-phase master developed campus originally built in 1998 consisting of 436 independent living, 19 assisted living and 36 memory care units on approximately 33 acres in Venice, Florida. In June 2022, the borrower used a portion of the proceeds of the issuance of Series 2022 bonds in the total amount of $96,870,000 to acquire the majority of the community. The acquisition also included eight undeveloped villa lots and an approximately 2.2-acre... Read More »
Joint Venture Acquires in North Carolina
Blueprint facilitated the sale of a seniors housing asset in the Charlotte, North Carolina MSA. The community was constructed in the late-1990s and comprises 54 assisted living and memory care units. While it was performing and set in a prominent location, the community was not stable at the time of sale. Both national and regional buyers were approached, and the seller received four credible offers within 30 days of launch. The winning bidder ended up being a newly formed joint venture between a Midwest-based investment group and a Carolinas-based operator. Kyle Hallion, Amy Sitzman and Giancarlo Riso handled the transaction. Read More »
CFG Secures HUD Loan For Pennsylvania SNF
Capital Funding Group closed a $9.5 million HUD loan to refinance an existing bridge loan also executed by CFG. The refinancing supported a 173-bed skilled nursing facility in Pennsylvania owned by a nationally recognized borrower. Capital Funding Group’s Craig Casagrande and Andrew Jones originated the transaction. The financing follows the company’s recent closing of a $7.2 million HUD loan, which supported the refinancing of a 162-bed skilled nursing facility in Kentucky. Read More »
Industry Veterans Purchase in New Jersey
A senior living operator led by a couple of industry veterans, Scott Burman and Lorne Schecter, purchased an assisted living community in West Orange, New Jersey. The former Canterbury Village features 44 units and 53 beds but closed its doors in mid-2023. It had been previously operated by an affiliate of the not-for-profit Heath Village of Hackettstown, New Jersey, but ownership had transferred to Provident Bank by the time of the sale. George Bingham of Sherman & Roylance represented Provident in the deal and played a key role in facilitating the deed-in-lieu transfer to the bank. The buyer plans to invest in significant renovations, modernizing the space while continuing to operate... Read More »
Financing Secured for Seniors Housing Expansion
Conifer Realty, LLC, a national, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities, and Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, announced the planned renovation of Andrews Terrace in New York. The 526-apartment building complex is located on Rochester’s waterfront and exclusively caters to seniors and disabled residents (and their families). This is the second joint community investment for Conifer and CPP in Rochester, following Keeler Park, which was purchased in October 2022. Built in 1975, Andrews Terrace consists of two 19-... Read More »Schedule a demo
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