• CBRE Closes SNF Loan in Utah

    Jason Stein and DJ Elefant of CBRE’s Debt & Structured Finance platform closed an acquisition loan for a skilled nursing facility in Utah. CBRE worked with a local Utah lender to arrange a $6.426 million loan that featured a 10-year term and a competitive 5.72% interest rate with no prepayment penalty. The loan came out to 75% LTC. Read More »
  • Knapp-Stahler Group Executes Speedy Sale

    With a state-imposed operator transition deadline approaching, a regional owner successfully sold its 83-unit assisted living/memory care community in Chico, California, to another regional owner/operator with the help of Chad Mundy and Nick Stahler of The Knapp-Stahler Group at Marcus & Millichap. Built in 2001, Windchime of Chico features... Read More »
  • Blueprint Closes Nine-Figure Deal in Oregon

    A couple of seniors housing communities in the Portland, Oregon MSA, sold to a joint venture between a blue-chip national private equity investor and a respected West Coast-based owner/operator. Opened in 2016 and 2019, the two communities total 284 independent living, assisted living and memory care communities in highly affluent,... Read More »
  • Blueprint Closes Two Seniors Transactions in Ohio

    Blueprint recently handled two transactions in Ohio. First, Conner Doherty and Ryan Kelly facilitated the sale of a seniors housing community in a desirable market in Ohio. The not-for-profit seller was The Heritage Retirement Community. Built in 2000, The Belvedere of Westlake comprises 24 assisted living and nine memory care units in Westlake.... Read More »
  • Invesque Shareholders to Vote on Two Proposals

    Invesque has called a special shareholder meeting for June 18, 2025, where shareholders will vote on two proposals. First, they will consider enabling Invesque’s board to sell or lease substantially all of the company’s assets through one or more transactions. That could include direct asset sales, the sale of subsidiary equity, mergers, or other... Read More »

Berkadia Provides Pacific Northwest Financing

Berkadia Seniors Housing & Healthcare announced a combined $48 million in financing for three seniors housing communities in the Pacific Northwest. First, in Washington, Berkadia refinanced a 105-unit assisted living community through Freddie Mac. The borrower secured a $27 million, sub-60% LTV loan, with a 10-year interest-only term. Built in 2015 in Washington, the community was 92% occupied at the time of the refinancing, performing well during the pandemic. Next was a $16.21 million acquisition bridge loan arranged for an assisted living/memory care community in Washington. Berkadia provided the loan plus funding for capex and closing costs through its proprietary lending program.... Read More »

Ziegler Finances North Carolina Acquisition

Chicago-based investment bank Ziegler continues its busy month, arranging acquisition financing for Well-Spring Obligated Group. Ziegler closed three taxable loans for the company to acquire a CCRC in Greensboro, North Carolina, and expand its services as a multi-site senior living operator. Also acting as the swap advisor, Ziegler was able to facilitate the execution of a forward-starting swap ultimately entering into the swap three months in advance of closing which resulted in the interest rate being 0.55% lower than closing. Pinnacle Bank served as the lender for the transaction. Built in 2003, the target sits on 47 acres in Burlington, North Carolina. Amenities include a woodworking... Read More »

Welltower Comes Out with Q2 Earnings

Welltower reported yet another active quarter of acquisitions and investments, completing $1.6 billion of pro rata gross investments, including $1.1 billion in acquisitions and loan funding, as well as $448 million in development funding in the second quarter. One of the largest acquisitions was when the REIT acquired a portfolio of 25 active adult communities in non-coastal East Coast and Midwest markets, including 20 newer vintage properties and five properties currently in development, for $502 million or $172,000 per unit. In addition to that acquisition, the company bought an assisted living/memory care community in Bakersfield, California for $22 million, or $203,700, per unit, with... Read More »

JLL Handles Oakmont Portfolio Sale to Welltower

Amid Welltower’s latest earnings release, the REIT announced the acquisition of six seniors housing communities in California, and it was revealed that Mike Garbers and Cody Tremper of JLL Capital Markets represented the seller, Oakmont Senior Living, in the deal. The combined purchase price for the portfolio was $312 million, or $520,000 per unit, but the transaction effectively could be separated into two portfolios: three assisted living/memory care communities and three entrance-fee CCRCs.  Oakmont developed all of the properties with Gallaher Companies, including opening the three AL/MC communities in 2021. Located in Fullerton, Simi Valley and Roseville, the communities total 263... Read More »

CFG Provides Simi Valley Refinance

Capital Funding Group (CFG) announced that it provided a $40 million loan to refinance an assisted living/memory care community in Simi Valley, California, with Meridian Capital Group arranging the transaction. Griffin Living, a large privately held real estate developer, obtained the loan, which repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. Opened in February 2022, the Class A community has 75 assisted living and 27 memory care units, and was over 50% preleased. This was the second financing CFG has executed for Griffin Living’s California community portfolio. In June 2022, CFG also closed a $32.9 million... Read More »

Pennant Releases Q2 Earnings

The Pennant Group, Inc. has announced second quarter earnings for the year, coming out with adjusted diluted earnings of $0.14 per share, which is down from the year-ago quarter’s $0.17 per share but in line with various expectations. It seemed that more focused operations and portfolio pruning offset labor and inflationary headwinds. It also appears that momentum is building in the seniors housing market as strong occupancy and revenue per occupied room growth occurred throughout the quarter. Senior living average occupancy for the second quarter was 76.5%, an increase of 380 basis points over the prior year quarter, and average monthly revenue per occupied room for the second quarter was... Read More »

Greystone Provides $47 million in HUD Financing

Greystone has provided a total of $47 million in HUD financing for five skilled nursing facilities in California, Connecticut, North Carolina and Ohio. The debt comprised $8.2 million for a 35-bed skilled nursing facility in San Diego, California, a $10.5 million loan for a 103-bed facility in Dayville, Connecticut, an $8.1 million loan for a 100-bed facility in Norwalk, Ohio, and a $5.75 million loan for a 64-bed skilled nursing facility in Fremont, Ohio. Lastly, Greystone provided a $15.1 million loan for a 111-bed facility in Durham, North Carolina. The properties are all receiving the same non-recourse loans with terms of either 30 or 35 years, plus a low rate. Fred Levine of Greystone... Read More »

60 Seconds with Steve Monroe: Brookdale Has Great Start To Third Quarter

Brookdale Has Great Start To Third Quarter Nearly two years ago, we wrote that the first half of every year was a census downer for the industry, but that the third quarter was always a winner. We are making history, or better said, you are making history. The first half of this year has been a winner, which it should have been because of the COVID recovery. But census should have been growing faster, held back in part by the labor supply problems and lingering COVID outbreaks. Month-end occupancy for Brookdale Senior Living increased by 210 basis points in the first half of 2022, and then got a great start for the third quarter with a 50-basis point increase in July. The weighted average... Read More »

Avanath Acquires Northern California Portfolio

Avanath Capital Management has acquired a six-property multifamily and affordable seniors housing portfolio in the Sacramento, California market. The communities sold for $182 million, or $176,400 per unit, and expand the real estate investment firm’s presence in the Northern California market.  The entire portfolio consists of four multifamily and two affordable senior apartment communities totaling 1,032 units. The two seniors housing communities were Corsair Park Senior and Hurley Creek Senior. Built in 2007 and 2009, respectively, both are in the Sacramento MSA, and comprise a total of 320 units. All six communities were stabilized at the time of acquisition and have historically... Read More »

Northmarq Refinances Croton-on-Hudson Community

Northmarq has successfully completed a $22 million refinance of a seniors housing property in Croton-on-Hudson, New York. Springvale Apartments is an active adult community that consists of 31 buildings and a total of 524 units on 35 acres overlooking the Hudson River. The property was built between 1956 and 1959 and has a handful of amenities including a library, exercise studio and game room.   Northmarq arranged the permanent fixed-rate loan for the borrower through its in-house Fannie Mae team. The loan was structured with a 10-year term on a 30-year amortization schedule. Robert Ranieri of Northmarq worked on this refinancing.  Read More »

Kauhale Health Makes First Acquisition

Kauhale Health has made its first acquisition, adding the assisted living and memory care community Vicinia Gardens of Otsego to its portfolio. Built in 2016, the community comprises 52 units and sits on 5.6 acres just south of Grand Rapids, Michigan. Kauhale Healthcare Real Estate, an affiliate of Kauhale, sponsored the acquisition. Locust Point Capital and Coastal States Bank provided debt for the transaction. Vicinia Gardens will be rebranded as Kauhale Otsego.  This is the company’s first acquisition as it advances its seniors housing investment and management strategy. Earlier this year Kauhale also took over management of the CCRC Vista Grande Villa in Jackson, Michigan.... Read More »