Blaze Capital Partners Enters Active Adult Market
Multifamily investor Blaze Capital Partners purchased the 149-unit Hardy Springs active adult community in Dallas, Georgia, marking the first acquisition in the active adult sector for Blaze. With this acquisition Blaze will now own six properties within the state of Georgia. Hardy Springs is a cottage-style, rental community with 53 buildings on 31 acres. It was completed in May 2022, and the interiors of the one- and two-bedroom units feature granite countertops, stainless-steel appliances and front and rear porches with exterior lighting. Community amenities include a personal training studio, pickleball and bocce ball courts, a fishing pond with dock, fitness center and a dog... Read More »
Buvermo Acquires Myrtle Beach 55+ Apartment Community
Bethesda, Maryland-based Buvermo Investments, a commercial real estate investment company, announced the acquisition of Inspire Coastal Grand, an active adult community in Myrtle Beach, South Carolina. The property will be renamed The Grove at Coastal Grand and stands four stories tall while comprising 194 units. The community offers residents one-, two- and three-bedroom floor plans with private balconies and patios. Within close proximity to the beach, the community sits on nine acres and features a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, dog park, outdoor courtyards, pickleball and bocce ball courts. First National Bank provided... Read More »
CCRC Expanding to Second Campus in Arizona
A long-time CCRC client of Ziegler’s is embarking on an expansion project with revenue bonds underwritten by the specialty investment bank. La Posada was incorporated in 1996 to acquire the CCRC known as La Posada at Park Centre in Green Valley, Arizona. Originally built in 1987, Park Centre has since grown to include 490 independent living units, 51 free-standing homes and 135 assisted living units. However, ownership wished to expand to a second location in Oro Valley, Arizona (Tucson MSA), with a plan to build the community in phases. The first phase started in October 2022 and will include 166 independent living units with campus common areas. Phase II will commence after stabilization... Read More »
Meridian Closes Over $900 Million of Acquisition Loans and Refinances
We know that closing M&A transactions and financings has gotten much more difficult in the last couple of months, but Meridian Capital Group’s Senior Housing and Healthcare team announced $913 million in transaction volume over the past two months, bringing their year-to-date total to nearly $4 billion in 2022. Ari Adlerstein and Josh Simpson negotiated the deals. The highlight had to be a $319.2 million acquisition loan along with $31 million in A/R financing from a commercial bank, finance company, and mezzanine lender for 18 skilled nursing facilities comprised of 2,185 beds in Florida. But the team also closed a $120.4 million loan from a commercial bank along with a $7 million A/R... Read More »
LTC Properties Reports Q3 Earnings
LTC Properties reported its third quarter earnings, and in addition to a healthy loan originations strategy, the company made some M&A moves in the quarter. Most notably, the REIT contributed $61.7 million into a joint venture that purchased three skilled nursing facilities located in Florida for $75.8 million, or $253,500 per bed, and leased the properties to affiliates of PruittHealth, Inc. under a 10-year master lease, with two five-year renewal options. Additionally, the master lease provided PruittHealth with a purchase option exercisable at the beginning of the fourth year through the end of the fifth year. LTC expects to receive net income from this investment of approximately... Read More »
Cambridge Closes Iowa HUD Loan
Cambridge Realty Capital Companies provided a $10.4 million HUD loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a senior care campus also known as The Views of Burlington. Located in Burlington, Iowa, just across the Mississippi River from Illinois and just north of the Missouri border, Oakview is a 60-bed skilled nursing facility and Ridgeview is a 42-bed AL community. The campus’s Iowa-based limited liability company owner received a fully amortized, 35-year loan. It is the third loan closed in 2022 with commercial mortgage broker Denny Howell of Howell Investment Finance. Read More »
CBRE Finances Washington State Portfolio Deal
Oxford Capital Group and Fortress Investment Group announced their joint venture acquisition of the Sherwood Portfolio, a group of three seniors housing communities in Sequim, Washington, and we recently learned that CBRE National Senior Housing arranged the acquisition financing for the deal. Aron Will and Matthew Kuronen originated a four-year, floating-rate loan through a regional bank. Comprising 256 total units, the properties all reside on one campus and were built between 1974 and 2007. Prior to the pandemic, the portfolio was 91% occupied and producing $3.5 million in annual net operating income, but at the time of closing occupancy dropped to around 85%. Previously owned by an... Read More »
Toll Brothers Develops in Texas
Toll Brothers announced the grand opening of its latest 55+ housing community, Regency at Esperanza in San Antonio, Texas. The company has so far developed over 66 55+ communities across 14 states and is showing no sign of slowing down its growth in the active adult-adjacent space. Regency at Esperanza is a luxury community for seniors within Esperanza, a 1,700-acre master-planned community. Regency at Esperanza consists of three groups of one- and two-story single-family homes priced from the mid-$400,000s, and marks the first 55+ community in Boerne, Texas. The community will be equipped with resort-like amenities including a state-of-the-art amenity center, a swimming pool, fitness... Read More »
Oxford Finance Announces Slew of Term Loans
Oxford Finance’s Healthcare Real Estate Group reported over $347 million of transactions closed over Q2 and Q3 of 2022, bringing the total commitments year to date to over $636 million. Listed below are some highlighted transactions of the two previous quarters. $26.2 million term loan and $3.0 million revolving line of credit to finance the acquisition of three skilled nursing facilities containing 391 beds in Texas for an experienced Texas-based operator. $9.0 million revolving line of credit to finance working capital needs for seven skilled nursing facilities for an expanding California-based operator.$52.0 million term loan in support of a sale/leaseback for 16 skilled... Read More »
Innovation Acquires a Pair of Assisted Living Communities
Innovation Senior Living announced the acquisition of two assisted living communities in Florida. Savannah Court of Haines City and Savannah Court of Lake Wales are both located just southwest of Orlando. Innovation has renamed the communities The Club at Haines City and The Club at Lake Wales. The company plans to continue to add to its seniors housing portfolio in the years to come, with these two communities acting as the third and fourth owned and operated communities. It plans to add 12 to 15 properties to its portfolio over the next five years. Lument handled this transaction. Read More »Schedule a demo
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