Helios Healthcare Advisors Handles Refinancing
Helios Healthcare Advisors structured and arranged a credit facility used to refinance and consolidate existing senior debt as well as to provide construction financing for a new development. The facility was secured by a portfolio of nine assisted living and memory care communities in Louisiana. A New Orleans-based regional owner/operator engaged Helios as its financial advisor to consolidate its existing debt and capitalize a stabilized, under-levered portfolio to support the development of three new communities in the New Orleans and Baton Rouge markets. The facility was structured with a publicly traded regional lender as a 70% loan-to-value refinance secured by the nine existing... Read More »
Live Oak and Berkadia Team Up on Bridge Loan
Live Oak Bank recently closed a $34.3 million bridge loan in partnership with Berkadia Commercial Mortgage for a two-property portfolio owned and operated by BrightSpace Senior Living. The communities are located in the Nashville, Tennessee, and Boise, Idaho MSAs. The loan was structured in an A/B arrangement, with Berkadia funding the subordinate debt, and features a two-year, interest-only term. Loan proceeds were utilized to retire existing bank debt and support ongoing capital expenditures. Read More »
California Memory Care Communities Receive HUD Loans
Lument closed two HUD loans totaling $20.7 million to refinance two memory care communities in northern California. Doug Harper, managing director at Lument, co-originated the loan with Grant Goodman of G Capital. The two communities are Crescent Oaks Memory Care, which features 22 units and 36 beds in Sunnyvale, and Silver Oaks Memory Care, which consists of 25 units and 43 beds in Menlo Park. The HUD loans replaced in-place, high-cost bank debt with new low, fixed interest rates and 35-year terms and amortization schedules. The borrower was also able to fund replacement reserves and combined the two facilities under a new master lease. Read More »
Berkadia Handles Two Seniors Housing Transactions
Berkadia closed the sale of two separate assets in Florida and Georgia. First, Berkadia was engaged by a national owner/operator in the sale of a CCRC in South Florida. The property appears to be Abbey Delray, a 505-unit community originally built in 1979 in Delray Beach that features 327 independent living units, 48 assisted living units, 30 memory care units and 100 skilled nursing beds on 25.66 acres. We understand that occupancy improved throughout the marketing process. Abbey Delray was previously owned by Lifespace Communities, and the buyer was a regional owner/operator. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. This was Berkadia’s 10th... Read More »
Fortress Buys Large Seniors Housing Campus
Fortress Investment Group just purchased one of the largest rental seniors housing communities in the country, adding The Village at Gainesville in Gainesville, Florida, to its portfolio. Regionally anchored by the University of Florida and the innovative UF Health network, and located directly across from SantaFe College, the 100+ acre campus has 639 total units. Built from the mid-1980s to the late-2000s, the campus features 45 cottages, nine additional residential buildings (six independent living, one assisted living and two memory care) and several community clubhouses with extensive amenities, with 80% of the units dedicated to independent living. It offered strong in-place... Read More »
Interview with R.J. DeBee of BBG Real Estate Services
Ben Swett, Managing Editor of The SeniorCare Investor, sat down with R.J. DeBee of BBG Real Estate Services to talk about the findings from BBG’s annual investor survey. DeBee shares his thoughts on what was surprising about the results and highlights the points he agrees with. You can view the survey results here. Read More »
Keppel Becomes Sole Owner of Watermark
Keppel Capital Senior Living, a subsidiary of Keppel Corporation that is responsible for the senior living investments and acquisitions, increased its investment in Watermark Retirement Communities to become the sole owner, effective March 19. Keppel Capital has been Watermark’s equity partner since March 2020. In 2018, Keppel Capital announced it was acquiring a 50% interest in Watermark for $77.5 million, or $8,000 per unit. At the time, Watermark managed 52 seniors housing communities and about 9,400 total beds in 21 states. Currently, Watermark manages 40 seniors housing communities across 15 states. Post-transaction, Watermark welcomed a newly appointed C-suite. CEO... Read More »
Life Care’s Board Unanimously Approves New Chairman and CEO
Life Care Centers of America, which operates more than 200 skilled nursing, post-acute, Alzheimer’s and senior living campuses in 27 states, announced that Aubrey B. Preston has been named the company’s Chairman and CEO. Life Care’s Board of Directors unanimously approved Preston as chairman and CEO after the Bradley County Chancery Court named him the legal conservator for his father, Life Care’s founder and owner Forrest L. Preston. Going forward, Aubrey Preston will lead the company on his father’s behalf. Earlier in his career, Aubrey Preston helped develop Life Care’s nationwide real-estate acquisition strategy. More recently, he is best-known for his philanthropic work in... Read More »
Dwight Capital’s March Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed more than $364 million in real estate financing in March. Featured among the transactions were a bridge loan for Silverwoods in New Jersey, a bridge loan for a three-property skilled nursing portfolio in Rhode Island and a HUD 223(f) refinance for Skyview Heights in Washington State. First, DMT closed a $50 million bridge loan for the acquisition of Silverwoods, a seniors housing community with 313 units in Toms River, New Jersey. The property comprises 46 one-story buildings and includes seven studios, 41 one-bedroom units and 265 two-bedroom units across 55 acres. Loan proceeds were used to finance the acquisition, fund... Read More »
Ohio Senior Care Portfolio Sells to Ohio-Based Operator
Connor Doherty and Ryan Kelly of Blueprint facilitated the sale of Project United, a strategically clustered portfolio comprising five skilled nursing facilities and two assisted living communities in the greater Cleveland, Ohio area. The portfolio has a unique ownership structure with operational complexities, so Blueprint worked closely with all stakeholders to navigate court proceedings and licensure approvals. Blueprint targeted a select group of well-capitalized investors and regional operators positioned for growth in Ohio’s senior care market, highlighting the opportunity to acquire a sizable and integrated post-acute care platform. The result was four competitive offers from... Read More »Schedule a demo
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