Kisco Senior Living Adds Walnut Creek Community
Kisco Senior Living, in a joint venture with Welltower, added The Kensington at Walnut Creek in Walnut Creek, California, to its growing portfolio of managed senior living communities. The Kensington will serve as Kisco’s second community in Walnut Creek, along with sister community Byron Park. Built in 1998 on six acres, it offers 184 one- and two-bedroom units for assisted living and memory care, each with its own outdoor space and views of the redwood trees surrounding the property. The community’s amenities and services include landscaped courtyards, walking paths and a putting green. Read More »Avenida Partners Building New AA Community in Folsom
Cushman & Wakefield exclusively advised Avenida Partners in the procurement of $70 million in joint venture equity and construction financing for its to-be-built active adult community in Folsom, California (Sacramento MSA). The general partner equity was provided by Blue Mountain Enterprises, and the limited partner equity was provided by Argosy Real Estate Partners. Comerica Bank provided the construction financing. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer worked on the transaction. Avenida Folsom will be a trophy 154-unit active adult community featuring abundant amenity spaces and valley views from a fourth-floor sky terrace. The... Read More »VIUM Capital Secures Six Bridge Loans and a HUD Refinance
VIUM Capital followed up its $1.3 billion in transaction volume for the first half of 2022 with a healthy $100 million in closed transactions across seven properties in July. The activity comprised six bridge loans and one HUD refinance in six states from Pennsylvania to Washington. The $13.68 million HUD loan was arranged for a 199-bed CCRC in Arizona. A not-for-profit acquired the property in January 2021 with the help of an acquisition bridge loan also secured by VIUM. It features 12 independent living units, 93 assisted living units and 94 skilled nursing beds. The largest loan, totaling $20 million, was arranged for a 120-bed skilled nursing facility in Ohio to refinance $9 million... Read More »Blueprint Facilitates Idaho and Texas Transactions
Blueprint Healthcare Real Estate Advisors sold five senior care properties across two transactions to start off the month of August. The first transaction was handled by Blake Bozett, who successfully completed the sale of Regency Columbia Village, an assisted living community in Boise, Idaho, comprising 60 total units spread across four pods. The buyer of the community is a reputable local owner/operator known as The Cottages, which operates pod-style communities in the Boise area. The seller has now exited the Idaho market and looks to focus on its existing assets in neighboring states. Blueprint next facilitated a competitive stalking horse bidding process on behalf of a... Read More »Forefront Living Building New Plano Campus
Chicago-based investment bank Ziegler closed $197 million in tax-exempt and taxable bonds to fund the ground-up construction of Outlook at Windhaven Forefront Living. Set in Plano, Texas, the community will consist of 153 independent living units, 32 assisted living units and 24 memory care units. Its owner, Forefront Living, a Texas not-for-profit organization formerly known as Presbyterian Communities and Services, will also operate the community. The bonds consist of $109.5 million Series 2022A tax-exempt bonds, $88.2 million Series 2022B tax-exempt mandatory paydown securities, and $1.3 million in Series 2022C taxable bonds that were sold publicly to institutional investors. The... Read More »60 Seconds with Steve Monroe: The Ensign Group Does It Again
I opened my email yesterday and a good industry friend sent me The Ensign Group’s second quarter earnings results with the question, Scam? I can understand his disbelief, as I have also thought there may be some monkey business with the company and its superior performance, especially during the pandemic. I could not find anything. One equity analyst asked, what’s not to like? Double-digit revenue and EBITDA growth, sequential and year-over-year occupancy growth, average daily revenue is up and management increased its guidance for the rest of the year. And remember, Ensign owns and operates skilled nursing facilities, a sector still under tremendous financial pressure. How did... Read More »Greystone Affiliate Builds Low-Income Seniors Housing
Greystone affiliate America First Multifamily Investors, L.P. (ATAX) announced that it has purchased $72 million in tax-exempt and taxable mortgage revenue bonds for the acquisition of land and construction of a 200-unit seniors affordable housing property in Los Angeles. The community will be named Residency at the Entrepreneur and will provide housing for seniors earning a range of 30% to 80% Area Median Income. In addition, 99 of the units will be master leased by The People Concern, whose constituents are seniors, individuals at risk of homelessness, and low-income families. At completion, the community will be owned by Residency at the Entrepreneur, LP, a California limited... Read More »CareTrust REIT Provides “B” Piece Loan
CareTrust REIT announced that it has extended a $22.25 million “B” piece secured loan for the acquisition of five skilled nursing facilities in California, with White Oak Healthcare Partners structuring the financing package. The portfolio comprises approximately 600 beds, and a private investment firm was the buyer. The “B” piece of the secured term loan carries a three-year maturity with two, one-year extensions and an annual SOFR-based interest rate with a minimum floor of 8.5%. White Oak also structured $53.4 million in financing to fund the deal. The borrower and operator were undisclosed, but both have long established relationships with CareTrust. This follows the REIT’s... Read More »Grandbridge Works on Lifespace Communities Acquisition
Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has successfully arranged the sale of a three-property CCRC portfolio in Texas. The 664-unit portfolio consisted of independent living, assisted living, memory care and skilled nursing units with both entrance fee and rental structures. They include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The Tampa-based Grandbridge team led by David Kliewer and Jay Jordan, in partnership with San Diego-based David Rothschild, represented the seller, Dallas-based private equity firm RSF Partners, in a joint venture with Evergreen Senior Living Properties, LLC and its affiliated manager ER Senior... Read More »Blueprint Capital Markets Finances Lloyd Jones Acquisition
We recently learned that Blueprint Healthcare Real Estate Advisors not only represented the REIT owner of an Indiana community that it sold, but Blueprint Capital Markets, run by Alex Florea, secured acquisition financing for the buyer, Lloyd Jones. Rittenhouse Village of Valparaiso, a 90-unit assisted living/memory care community built in 2009 in Valparaiso, Indiana. The property appears on National Health Investors’ most recent property list, with Discovery Senior Living serving as the operator/lessee, revealing NHI as the seller in this transaction. The historically profitable community was negatively impacted by the pandemic but started to rebound operationally. Blueprint Capital... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
