CBRE Refinances Harrison Street/Belmont Village Properties
On behalf of Harrison Street and Belmont Village Senior Living, CBRE arranged a refinancing for two Class-A, well-located and irreplaceable senior housing communities: Belmont Village Senior Living Albany and Belmont Village Senior Living Calabasas. Aron Will, Vice Chairman of CBRE National Senior Housing, and Matt Kuronen, Vice President of CBRE National Senior Housing, arranged the financing through a syndication between national and regional banks. Belmont Village Albany is minutes from the center of UC Berkeley and was built in affiliation with the university as part of a 6.2-acre mixed-use development on university land that incorporates retail and grocery, wetlands... Read More »
Thank You, FBI Agent James Dennehy
All we can say is, it is about time. We have complained for several years that something needs to be done about the bad apples (criminals) that have given the nursing home industry a bad reputation, and sullied the reputations of all those who are trying hard to provide the best care they can, given the tough environment. Probably the worst abuser of the system, and someone who should have been put in jail a while ago and never allowed to own, operate or get a license for a nursing home ever again, has finally agreed to plead guilty to a $38 million tax fraud. We are referring, of course, to the notorious Joseph Schwartz, owner of Skyline Healthcare, who walked away from about 100 nursing... Read More »
Not-For-Profit Sells In Wisconsin
Ziegler was enlisted by Benevolent Corporation Cedar Community, a Wisconsin-based, not-for-profit organization, in its divestment of Cedar Community Elkhart Lake. Cedar Community is a 67-unit independent living and assisted living center in Elkhart Lake, Wisconsin. It was developed by Benevolent in 2008 on 13.3 acres. Matter Development purchased the property, and its operating affiliate, Koru Health, will operate the community. Together, Matter and Koru operate 12 senior living communities in Wisconsin and Minnesota. This acquisition enabled the company to expand its footprint into Sheboygan County, with plans to continue expansion in the surrounding area. Nick Glaisner, Jake Sexton... Read More »
CFG Finances SNF Purchase Option
Capital Funding Group helped finance a nationally recognized borrower’s in-the-money purchase option for a 120-bed skilled nursing facility in Virginia. CFG Vice President Andrew Jones originated the transaction. The $19.8 million bridge-to-HUD loan covered 100% of the acquisition and closing costs. The financing follows the company’s recent closing of a $9.5 million HUD loan, which supported the refinancing of an existing bridge loan also executed by CFG for a 173-bed skilled nursing facility in Pennsylvania. Read More »
Investor Divests in Arkansas
Daniel Morris of Plains Commercial Real Estate was engaged by an investor in its divestment of a seniors housing asset. Pine Bluff Assisted Living is a 60-licensed-bed assisted living community in Pine Bluff, Arkansas, which used to be a part of the former Davis Life Care Campus. Occupancy was hovering around 65% at closing. The campus was leased by a regional not-for-profit operator, and Plains was engaged to sell or lease the campus to a new operator before the expiration of the not-for-profit’s lease. The other portion of the campus was leased in 2023 to a new tenant. Pine Bluff was the last building in the campus to be reallocated. The buyer, APEX Senior Care... Read More »
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 »Schedule a demo
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