NHI Arranges Texas SNF Portfolio Refinancing and Exercises Virginia Beach Acquisition
National Health Investors has funded the refinance of a skilled nursing facility portfolio in the state of Texas. The $42.5 million senior loan was provided to an affiliate of Capital Funding Group, and the properties are leased by subsidiaries of The Ensign Group. The five-year loan has an annual interest rate of 7.25% with two one-year extensions. The REIT also announced that it exercised its option to acquire Bickford of Virginia Beach, a 60-unit assisted living/memory care community in Virginia Beach. The acquisition was primarily funded with the satisfaction of a $14 million construction loan due from Bickford Senior Living. The community was added to an existing master lease with... Read More »
Cushman & Wakefield Arranges Pennsylvania Sale
Cushman & Wakefield announced it has arranged the sale of The Watermark at Logan Square, a 426-unit rental CCRC in Philadelphia, Pennsylvania. The firm also served as the exclusive advisor to the buyer in procuring acquisition financing from a national bank. Built in 1984, the 24-story building offers independent living, assisted living, memory care and skilled nursing. The property is located above the Logan Square circle and offers urban senior living in a fast-growing neighborhood of Philadelphia. Rick Swartz, Jay Wagner, James Dooley and Bailey Nygard represented the seller, procured the buyer and arranged the financing. Read More »
Ohio SNF Portfolio Sells to East Coast Group
Blueprint Healthcare Real Estate Advisors announced the sale of three skilled nursing facilities in the state of Ohio. Situated in Canton, Toledo, and Rockford, the facilities were built in the 1960s and 1970s and have undergone significant renovations since 2015. The portfolio comprises more than 300 beds and spans 200 miles across the state. The seller of the portfolio was an East Coast-based private equity investor whose intention was to recycle capital. The ultimate buyer was the current operator of the portfolio, another East Coast-based group with a strong presence in the local market. Connor Doherty, Ryan Kelly and Michael Segal of Blueprint Healthcare Real Estate Advisors handled... Read More »
Morning Pointe Receives $106 Million Refinance for Seniors Housing Portfolio
Tennessee-based affiliates of Morning Pointe Senior Living announced that they have received $106.2 million in financing for an eight-property seniors housing portfolio. Located across Kentucky (1) and Tennessee (7), the portfolio comprises a total of 567 units. Completed between 1997 and 2021, the seniors housing communities offer assisted living and memory care services, featuring a mix of studio, alcove, one- and two-bedroom floorplans. Neal Raburn of Greystone originated the Freddie Mac Optigo loans on behalf of the borrower. The fixed-rate, non-recourse financing was structured through Freddie Mac’s Index Lock program and carries a 10-year term with a 30-year amortization period. With... Read More »
Another Active Adult Development Opens in Texas
In December of 2020, a Houston-based joint venture between Buckhead Investment Partners and Zane Segal Projects started construction of Arista Riverstone, a 143-unit active adult community in the Houston suburb of Sugar Land. Johnson Capital Multifamily Inc. provided the construction financing for the project. Gonzalez Newell Bender Architects provided architectural design services, and the general contractor was Galaxy Builders. Greystar was also set to handle lease-up and management of the community. That active adult community is now complete. Arista Riverstone includes one-, two- and three-bedroom apartments and community amenities such as a full-service salon, game room, conference... Read More »
2023 Seniors Housing Development Outlook: Equity and Debt
On November 17, our Editor Ben Swett sat down with Paul Griffin III of Griffin Living, Ari Adlerstein of Meridian Capital Group and Ken Assiran of Capital Health Group to discuss the current state of the seniors housing development market, and what financing options were available to those still looking to build. Read More »
Ouch…Brookdale Senior Living Plunges
How do you reduce the value of your company by 40% in 24 hours? Tell investors you are going to raise more capital after you told them in your third quarter earnings call that your liquidity was okay and you had no debt maturities until September 2024. That is what confronted investors this week. Brookdale Senior Living announced, and then priced one day later, a $125 million capital raise that left people wondering. It consists of 2.5 million units, priced at $50 per unit, with each unit including equity and debt (more on that later), and the proceeds will be used for general corporate purposes, the ubiquitous catch-all from the legal team. Our first guess was that investors pummeled the... Read More »
Blueprint Handles Major REIT Divestment
Blueprint Healthcare Real Estate Advisors announced the final tranche of a staggered portfolio sale of 22 total skilled nursing facilities across three states, and the team saved best for last with the sale of 18 facilities in Florida. Michael Segal, Ben Firestone and Lauren Nagle represented the public REIT seller in the Florida transaction, while Messrs. Segal and Firestone handled the earlier Georgia and Maryland deals. In its third quarter earnings report, Omega Healthcare Investors disclosed the sale of 21 skilled nursing facilities formerly leased to Agemo Holdings, LLC, after Agemo continued to not pay contractual rent and interest due under its lease and loan agreements. The... Read More »
Berkadia Arranges Active Adult Sale and Financing
Berkadia Institutional Solutions announced the sale and financing of a 55+ rental community in Dallas, Georgia. Earlier this month, Levin Pro LTC covered the sale of the community, which was Hardy Springs, a 149-unit single-story, built-for-rent community in the Atlanta suburb. Managing Director Russ Hardy of Berkadia Atlanta and Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing and Healthcare completed the $47.75 million, or $320,000 per unit, sale on behalf of the seller, Georgia-based Highlands Residential. John Bray of Berkadia arranged acquisition financing through Fannie Mae to support the transaction. The buyer is South Carolina-based and emerging active adult... Read More »
Blaze Capital Partners Buys Again in Atlanta
Multifamily investor Blaze Capital Partners announced its second active adult acquisition in Georgia. Built in 2021, Annabelle on Main comprises 180 units and sits on 4.6 acres in Duluth (Atlanta MSA). The units consist of one- and two-bedroom apartments ranging in size from 724 to 1,260 square feet. Community amenities include a pool, fitness center and yoga studio, movie theater, arts and crafts studio, dog park and a massage and meditation zen room. Earlier this month, Blaze purchased Hardy Springs, a 149-unit active adult community in Dallas, Georgia. This was the investment group’s first 55+ acquisition. This acquisition brings Blaze’s Georgia portfolio to eight properties... Read More »Schedule a demo
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