CBRE Handles Active Adult Deal
CBRE National Senior Housing announced the sale of Residences at Merrillville Lakes, a 356-unit, five-story active adult community located in Merrillville Lakes, Indiana (Chicago MSA). Built in 2009, the community sits on 20 acres and features a resort-style pool, large private theater room, a health and fitness center, and library, among other amenities. The seller of the community was an entity controlled by the principals of Chicago-based companies Oculus Development, LLC and UIRC, Inc. CBRE’s Indianapolis/Louisville Multifamily team members Steve LaMotte, Jr. and Dane Wilson, with senior housing team members John Sweeny, Aron Will, Garrett Sacco and Scott Bray, represented the seller... Read More »Knapp-Stahler Group Closes Two Michigan Deals
The Knapp-Stahler Group of Marcus & Millichap ended the month of August with a couple of transactions. First, the team brokered the sale of a 52-unit assisted living community located in Allegan County, Michigan. Built in 2017, the property was around 80% occupied and operated at a 22% margin on $2.54 million of revenues. A regional owner/operator sold the community to another regional investor for $9.2 million, or $176,900 per unit, at a 6.1% cap rate. The team also sold two assisted living communities totaling 74 units in Saginaw County, Michigan. The first community was built in 1970 and was converted from a school to an assisted living community in 2008 with additions put on in... Read More »Meridian Capital Group Closes Slew of Transactions
Meridian Capital Group’s Senior Housing and Healthcare team closed $580 million in transaction volume over the course of the summer, bringing their year-to-date total to nearly $3 billion in 2022. These transactions were negotiated by Meridian’s Senior Housing and Healthcare platform, led by Ari Adlerstein and Josh Simpson. The recent transactions include a $115.2 million acquisition loan from a commercial bank in addition to a $15 million A/R line for 10 SNFs with 1,112 beds in California, a $69 million loan from a commercial bank in addition to a $2 million A/R line for the acquisition of one facility and the refinance of two facilities totaling 468 skilled nursing beds in New Jersey,... Read More »Cushman & Wakefield Recapitalizes Walnut Creek Community
Cushman & Wakefield announced that they have arranged the recapitalization of Byron Park in Walnut Creek, California on behalf of a joint venture between Kisco Senior Living and an institutional investor. The senior living community comprises 187 units of independent and assisted living and sits on three acres in the greater San Francisco area. It will continue to be managed by Kisco Senior Living, who will maintain operations under the new ownership by an institutional real estate owner. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard handled the transaction. Earlier this month, Kisco Senior Living, in a joint venture with Welltower,... Read More »JLL Refinances ChampionsGate Community
JLL Capital Markets arranged financing for The Glades at ChampionsGate on behalf of Fortress Investment Group. The senior living community comprises 233 units of independent living, assisted living and memory care in the greater Orlando, Florida area. Fortress obtained a four-year, floating-rate non-recourse loan through MidCap Financial Services. Alanna Ellis, Allison Holland, Billy Lichtenstein and Zach Brantley of JLL Capital Markets worked on behalf of the borrower to close the transaction. The property consists of one- and two-bedroom units ranging from 627 to 1,060 square feet. Community amenities include outdoor courtyards and patios, a swimming pool, movie theater, activity room,... Read More »Inspirit Senior Living and Venue Capital Add Another Knoxville Community
Inspirit Senior Living and Venue Capital expanded their joint venture together, adding a third community in the Knoxville, Tennessee area in just a matter of months. According to Levin Pro LTC, earlier this summer in June, Inspirit and Venue acquired two assisted living communities in Knoxville and Powell: a 62-unit assisted living community renamed Rain Forest Landings and a 40-unit assisted living community renamed Emory Ridge, respectively. The joint venture’s most recent Knoxville acquisition is the assisted living community Windsor Ridge. Built in 2000, it comprises 62 units and 70 beds on 3.7 acres with units ranging from 330 to 427 square feet. The community is located near another... Read More »60 Seconds With Steve Monroe: In Memoriam: Bill Sheriff
We learned two days ago that our friend Bill Sheriff passed away over the weekend. We lost a true gentleman and a true leader in the seniors housing industry. Not many people knew Bill well, as he was a quiet, but thoughtful, man. Known to be a man of few words, I had the honor of sitting down with him, one-on-one, for a four-hour interview for ASHA’s Entrepreneurial Spirit of Seniors Housing series. And yes, it did last four hours, and yes, he did most of the talking. I had known Bill for a few decades, but mostly short conversations at conferences or on the phone. But when you spend four hours with someone, starting with when they were born all the way to the present day, with many... Read More »CORRECTION: Two Nebraska Senior Care Facilities Sell
On August 29, we wrote that two senior care properties were sold in Lexington, Nebraska, including a skilled nursing facility named Plum Creek Care Center owned by Lantis Enterprises. However, Plum Creek Care Center has not sold. Rather, the City of Lexington bought Avamere at Lexington, an assisted living community. We apologize for the error. Read More »Gantry Arranges Active Adult Refinancing
Gantry arranged $72 million in financing for the refinancing of a four-property active adult community portfolio in Washington State. Transamerica Life Insurance Co. provided the fixed-rate loans in this transaction. The 15-year, fixed-rate loans feature a 30-year amortization period. Built between 2020 and 2022, Norpoint Communities’ portfolio comprises a total of 440 units. There was the 184-unit The Highlands at South Hill in Puyallup, refinanced with a $26 million loan, a 104-unit community in Silverdale refinanced for $25.3 million, the 88-unit Cooper Point Village in Olympia receiving $10 million in financing, and the 64-unit StoneRidge at the Park in Tacoma which got a $10 million... Read More »Capital Real Estate Group Handles Michigan Closing
Capital Real Estate Group’s U.S. Healthcare Investment Sales practice announced the sale of a two-property senior housing portfolio consisting of 139 total units in central Michigan. Both communities were built in 2016, and the portfolio’s apartment mix consists of 88 assisted living, 33 independent living and 18 memory care units. The two communities are located adjacent to one another and sit on a total of 13.5 acres. In the last few years, the communities have held a steady occupancy rate of over 80%, making them an attractive opportunity to the ultimate buyer, a publicly-traded REIT for a purchase price of $32.5 million, or $233,800 per unit. Andrew Larwood and Allen Inman of Capital... Read More »Schedule a demo
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