Kisco Senior Living Entering High-End Seniors Housing Market
Kisco Senior Living added a high-quality seniors housing community in Laguna Niguel, California (Orange County) to its portfolio, taking over operations from Atria Senior Living. It also acquired the property with Harrison Street acting as advisor to an institutional investor for an undisclosed price. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard of Cushman & Wakefield served as exclusive advisor to the seller, a joint venture between Fremont Realty Capital and Steadfast Development. Opened in 2018, Crestavilla is an upscale community with 201 units of independent living, assisted living and memory care. It is LEED Gold certified and features numerous... Read More »
VIUM Capital Closes Three Bridge Loans
VIUM Capital announced a healthy spree of bridge loan activity for skilled nursing clients in the last couple of months. All of the loans were interest only during the term, which ranged from two to three years. The largest was a $74.51 million bridge-to-HUD loan to support the acquisition of 11 skilled nursing facilities in Arkansas (10) and Mississippi. The portfolio was being sold by three different sellers, but VIUM closed all transactions under one bridge loan in less than 60 days from executed term sheet. Next, VIUM arranged a $36.27 million bridge loan to refinance a portfolio of five skilled nursing facilities in Louisiana. The not-for-profit borrower had various tax-exempt bond... Read More »
Artemis, MorningStar and American Capital Group Refinance in Washington State
CBRE National Senior Housing arranged financing on behalf of a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group to refinance an independent living community in Kirkland, Washington. Set on 3.56 acres, the community recently opened in February 2022 with 152 IL units and is the first independent living asset built in the high-barrier-to-entry, affluent Kirkland market in the last 13 years. Before it opened, the project (plus another in-progress, 141-unit development in Hillsboro, Oregon) was acquired in January 2021 by the joint venture. It is situated next to the 409-unit multifamily development called Lifebridge Kirkland... Read More »
Tryko Partners Acquires New Jersey SNFs
Tryko Partners expanded its New Jersey skilled nursing portfolio with the purchase of two facilities from Virtua Health. The SNFs, located in Berlin and Mount Holly, will be renamed Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, respectively. The stand-alone Mount Holly facility features 180 licensed beds. The 128-bed Berlin facility is part of a larger Virtua campus. Virtua’s community-based services at the Berlin location, including radiology, lab, and a satellite emergency department, remain unchanged by this sale. Virtua Health, South Jersey’s largest health system, chose Brick, N.J.-based Tryko as the buyer after a comprehensive... Read More »
Newmark Recapitalizes Tampa Bay-Area Community
Newmark arranged the recapitalization of Keystone Place at Terra Bella, a 140-unit seniors housing community in Land O’ Lakes, Florida (Tampa Bay area) between a partnership including Keystone Senior Living, Scarp Ridge Capital Partners, and global alternative investment firm Angelo Gordon. Opened in 2018 by Keystone Senior Living, the property features 62 independent living, 56 assisted living and 22 memory care units. The Class-A community located in a strong and growing market is benefiting from strong rental rates, and occupancy has improved significantly over the past year. Operating margins improved as well, a testament to the operator Keystone Senior Management Services, Inc. and... Read More »
Cascadia Healthcare Enters New Mexico Market
One newly opened transitional care facility in Las Cruces, New Mexico has already gone through multiple operator changes and now, with the help of Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors, an ownership change. Built in 2017, the state-of-the-art facility features 50 private units and is strategically located in a highly desirable medical corridor that includes three hospitals within a five-mile radius. A high-quality physical plant is no guarantee of operating success, however (just ask Mainstreet), and this facility struggled to make positive cash flow. It had recently undergone an operator transition and was approaching 80% occupancy at the onset of... Read More »
Popular Bank Adds to CRE Team
Popular Bank, a subsidiary of Popular, Inc., appointed Adam R. Bavifard to be Senior Relationship Manager in the bank’s Commercial Real Estate (CRE) Lending team. In his role, Mr. Bavifard will focus on growing the bank’s CRE business through expanding current customer relationships and bringing Popular’s product offerings to new customers. Based in New York, Mr. Bavifard joins Popular from M&T Bank, where he held several roles of increasing responsibility in their commercial bank, most recently managing multi-product portfolios totaling over $600 million in loan commitments with $150 million in deposits. Earlier in his career, Mr. Bavifard was with The Dak Group where he... Read More »
Foundry Commercial & Morgan Stanley Fund Make Major Acquisition
Foundry Commercial announced a major acquisition in the seniors housing market, nearly doubling its portfolio and adding another institutional partner in the process. The real estate investment firm teamed up with a fund managed by Morgan Stanley Real Estate Investing (the majority owner in this deal) to purchase 24 assisted living/memory care communities throughout the mid-Atlantic in addition to the portfolio’s operating company, Spring Arbor Senior Living. Multifamily developer HHHunt was the seller, which owned and operated the communities through Spring Arbor. The portfolio includes three communities in Maryland, nine in Virginia, and 12 in North Carolina, with 1,424 total units... Read More »
Small Oregon Facility Sells At High Price
An old-fashioned 40-bed intermediate care facility (ICF) with 16 residential care facility beds (assisted living) located in the Willamette Valley region in Portland, Oregon was just sold for $9.65 million, or $172,300 per bed ($253,900 per unit). The relatively high per-bed price has all to do with performance, despite an old age. The facility was originally built in 1955 with a renovation/addition in 2006. It has 29,000 square feet on 1.7 acres. Despite the pandemic, occupancy is a robust 98%, which we presume has been driving the financial performance. Based on three months annualized from September to November 2021, revenues and EBITDA were $6,053,500 and $983,300, respectively. That... Read More »
SLIB Closes on Montana Sale
Montana is not the most active acquisition market, but buyers still want to invest there. A regional owner/operator with just one community in Montana decided to exit the state, and hired Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage to handle the sale. Located in Butte, the community has 159 units with 164 licensed beds and was built in 1997 with 87,086 square feet on 11.26 acres. There are 42 independent living units, 102 assisted living units and 15 memory care units. Occupancy suffered in 2021 at 60%, which resulted in lower revenues and EBITDA than one would normally expect. For the first six months of 2021 annualized, revenues and EBITDA were... Read More »Schedule a demo
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