Fortress Investment Group Acquires Scottsdale Property
CBRE National Senior Housing arranged the sale and acquisition financing for Andara Senior Living, an independent and assisted living community in Scottsdale, Arizona. This transaction was CBRE’s third financing of the community, having previously arranged acquisition financing on behalf of the current seller (real estate investment firm Reliant Group) in 2012 and an agency refinance in 2018. Reliant decided to turn over its asset into the hands of a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Built in 2010, the community consists of 170 total units spread across a campus of two, three-story residential wings interconnected by a covered walkway. Through... Read More »Primrose Senior Living Sells Four-State Portfolio
The Primrose Retirement Communities Portfolio consisting of four independent and assisted living communities has been sold to an undisclosed public REIT and a regional private equity group. The portfolio comprises 351 total units (199 IL and 152 AL) and is spread out across four states: Colorado (Pueblo), Indiana (Kokomo), Oklahoma (Stillwater) and Wyoming (Cheyenne). Built between 2008 and 2013, the seller Primrose Senior Living decided to divest these assets with the intention of recapitalizing, paying off investors, and establishing a new capital relationship. Primrose remained as the portfolio’s operator as well. Each community maintained above-average occupancy levels throughout... Read More »Parentis Health Acquires Quality Life Homes
Parentis Health has acquired Quality Life Homes, a small senior living portfolio of five communities in Laguna Niguel, California. Parentis Health will be adding this portfolio into its Verona Court portfolio of senior residential care properties. Verona Court will now operate 16 senior care facilities with this latest acquisition.The seller of Quality Life Homes is Dawn Sather, who started her business in 1991 with her husband. After he passed away in 2021, Dawn made the decision to sell the company and ultimately chose Parentis Health as the buyer because of the similar model that Verona Court has in place. With six beds per home and three or fewer patients per caregiver, its staff will... Read More »Dialyze Direct Partners with CommuniCare
CommuniCare Family of Companies has been in the news a lot lately, with its role in the acquisition of Stonerise Healthcare in West Virginia, but the operator also just announced a partnership with Dialyze Direct, a provider of home hemodialysis services in skilled nursing facilities, to conduct onsite hemodialysis services at its facilities across the country. Dialyze Direct now covers 170 SNFs in Florida, Illinois, Indiana, Kentucky, Maryland, Missouri, New Jersey, New York, Ohio, Pennsylvania, Tennessee, Texas, Virginia, and West Virginia. The company has been on a major growth path this year, announcing three separate acquisitions of other dialysis providers: RenPro Renal Services in... Read More »Northland Networks Closes Construction Loan
Northland Networks recently closed a senior housing construction loan for a project in Ormond Beach, Florida (Daytona Beach MSA). RBS Development Group LLC, an experienced assisted living developer in the state of Florida, is building the community to feature 131 units of assisted living and memory care. Northland Networks served as exclusive placement agent for the $28.5 million loan participation, and Meridian Capital Group handled the transaction. This week, Northland also branched out of the seniors housing business to close a first mortgage loan for Sunview Medical Day, an outpatient behavioral health facility managed by Cedar Health in West Palm Beach, Florida. Northland once again... Read More »CFG Announced H1:22 Transaction Volume
Capital Funding Group announced its transaction totals for the first half of the year, which surpassed $1.8 billion in financing volume. The deals included 55 bridge loans and 13 HUD loans for the firm’s skilled nursing, assisted living and multifamily clients across the country. Over $1 billion of this financing was attributed to its senior care clients. Highlights of the half-year include a $316.9 million bridge loan to refinance a large skilled nursing portfolio and $197.5 million acquisition bridge loan for a 24-facility portfolio in Maryland, Virginia and North Carolina. Next was a $135 million bridge loan arranged for the refinancing and dividend recapitalization of a... Read More »Invesque Divests Two New York Communities
Invesque Inc. divested a number of non-core assets in the seniors housing and medical office building sectors, including its interest in two active adult communities in Wheatfield, New York (Buffalo MSA). Originally acquired in 2018 as part of Invesque’s acquisition of Care Investment Trust, the communities were operated by Calamar (which is based in Wheatfield) under a joint venture structure. They were both built in the late-2000s. The purchase price comes to approximately $29.3 million, or $145,000 per unit, with a cap rate of 5.7% based on trailing NOI. Invesque received net cash proceeds of $10 million at closing, which it plans to use to de-lever and simplify its balance... Read More »60 Seconds with Steve Monroe: Investors Need Some Straight Talk
I know we live in a litigious country, and public companies have their teams of lawyers and PR consultants to protect them, telling them to disclose a minimum amount of information. But don’t you think it is time for some straight talk? I do. We are coming out of the pandemic distress, slowly for some and not as slow for others. Butwith census growth not what it was in the second and third quarters of 2021, let’s admit that this will be a long slog. We need both large census increases combined with margin increases. We will not get both as long as labor costs keep rising and inflation levels remain at 40-year records. And it is doubtful we will get back to the census levels of 2014-2015... Read More »Queen Creek Community Refinances with Fannie Mae
A joint venture between American Care Concepts and private investors refinanced its Queen Creek, Arizona community with the help of JLL Capital Markets. The firm arranged a $10.5 million refinancing for the newly constructed Countryside Living, a 40-unit assisted living and memory care community located just outside of Phoenix. Brad Miner, Alanna Ellis, Martin Mbeteni and Zach Brantley of JLL worked on behalf of the borrower to originate the 10-year, fixed-rate Fannie Mae loan. Also, the loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. Read More »Lument Refinances Great Lakes Portfolio
Lument closed an $87 million HUD refinance of nine skilled nursing facilities with a total of 691 beds located in Ohio, Michigan and Wisconsin. Managing Director Brad Competty led the transaction for Lument. The operator, Atrium Centers Inc., is a provider of short-term post-acute rehabilitation and long-term nursing care across its 29 facilities in Ohio, Michigan, Kentucky, and Wisconsin with over 2,000 total beds. The nine refinanced properties had remained stabilized throughout the pandemic and were thus ready for the HUD refinance. Lument was able to obtain low, fixed interest rates on all nine loans before rates significantly rose. Read More »Schedule a demo
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