Two Assisted Living Communities Trade in Florida
Ken and Damien Carriero of Colliers International announced a seniors housing closing involving two assisted living assets in Florida. Prompting the sale was the undisclosed seller’s plan to liquidate their assisted living properties to potentially invest in other asset types. Included in this deal was the 16-unit/32-bed Green Gables in Vero Beach and the 32-unit/40-bed Jane Adams House in Amelia Island. Green Gables was built in 2000, and Jane Adams House was built in 1997. The communities were 87% and 90% occupied, respectively, which is certainly strong compared with the rest of the industry. Combined revenues reached $1.155 million, with the communities reporting combined EBITDA... Read More »
CIBC Closes Construction Loan for North Carolina Project
CIBC Bank USA secured construction financing for an affiliate of Bourne Financial Group to build a 240-unit independent living community in North Carolina. Set to open later this year, Symphony Park is described as a “luxury resort for seniors,” and the amenity list shows it. There will be indoor and outdoor restaurants, lounges and a sports pub, gardens, a pool, culinary and music centers, pickleball courts, bocce ball courts and a dog park. There will also be a spa, salon and barbershop, among other amenities. The first phase will include the initial 240 units, and 80 more units will open in a second phase. Altogether, construction costs have been estimated to be $90 million, or $280,000... Read More »
X-Caliber Capital and CastleGreen Finance Close Senior Care Financing Package
X-Caliber Capital announced its affiliate companies, X-Caliber Rural Capital (XRC) and CastleGreen Finance (CastleGreen), closed a combination of USDA and Commercial Property Assessed Clean Energy (C-PACE) financing for Milford Wellness Village, a multi-tenant medical space in Milford, Delaware that supports Milford, Kent and Sussex counties. The property includes a 150-bed skilled nursing facility and is owned by Nationwide Healthcare Services, a growing SNF operator based in Brick Township, New Jersey. XRC provided $25 million through a USDA Business & Industry Guaranteed Loan to pay off construction financing and provide for future improvements, and CastleGreen provided $7.2... Read More »
Cushman & Wakefield Sells Vancouver, WA Portfolio
Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell the company’s three seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio comprises two large senior living campuses and one 83-unit active adult community called The Lofts at Glenwood that opened in 2017. The 325-unit Glenwood Place was originally built in 2001, and The Quarry opened in 2008 with 291 units. Both feature a mix of independent living, assisted living and memory care units. Rood Investments is an owner/developer that also self-managed these communities. Operations were strong, despite a pandemic drop in census. Occupancy has since rebounded to the 80s... Read More »
Chicago Pacific Founders Adds Winter Garden Property
Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., acquired The Summit of Winter Garden, a 113-unit senior living community in Winter Garden, Florida (Orlando MSA). Opened in June 2017, the community features 69 independent living and 44 assisted living units. Grace Management will take over management, but they are jumping into a strong operation, as occupancy rose from 92% at the time of the sale to 95% as of May 2022. Additional details were not disclosed, but CPF plans to make investments in the campus. This is the first seniors housing acquisition of the year for CPF, which announced three deals in 2021 and just two in 2020. That... Read More »
Helios Arranges Bridge Acquisition Loan for Texas SNF
Helios Healthcare Advisors arranged a $14.2 million acquisition loan for a 120-bed skilled nursing facility in Rockwall, Texas on behalf of the buyer, HACO Health Solutions. HACO had operated the facility under a lease with a third-party landlord. The property is located in a desirable suburb of Dallas, maintained an excellent clinical reputation, offered a rehab program and reported strong financial performance. So, HACO wished to acquire the real estate and approached Helios to secure financing for the purchase. Helios ended up arranging a non-recourse bridge loan from a national specialty lender. Read More »
Newmark Announces Several High-Quality Community Sales
The team at Newmark certainly demonstrated variety with its productivity in the first four months of the year in seniors housing and care transactions. The team closed eight sales, four refinances, three acquisition loans and three construction loans for a host of clients across the country. And from what we hear, there are another $550 million to $600 million in active adult sales alone set to close in the next two months. So, the momentum is building for another great year. To the sales, a couple of deals involved very high-quality properties that sold way above the average per-unit price for seniors housing sales. Most recently, that was the sale of Danberry at Inverness, a senior... Read More »
CIBC Finances SNF Portfolio Takeover
A large Midwest-based operator purchased a portfolio of 12 skilled nursing facilities and 970 beds in Pennsylvania (11) and Delaware from its landlord, a private equity firm that has been divesting. The buyer assumed HUD debt, and CIBC Bank USA financed a $73 million acquisition loan to help cover the $140.5 million, or $144,800 per bed, purchase price. Operating performance across the portfolio has been trending favorably, and the buyer will continue to utilize its economies of scale and knowledge of the market to boost census and enhance cash flow. It helps that they had been operating the buildings for at least four years prior to this acquisition, so they can hit the ground running as... Read More »
Newmark Arranges Numerous Bank Financings
After a successful start to the year for M&A, Newmark was quite prolific on the financing front as well. The team arranged $53 million in acquisition debt from Regions Bank for The Carlyle Group’s December 2021 purchase of The Solea Portfolio. Totaling 463 active adult units, the three communities are located in San Antonio, Katy and Houston, Texas, respectively. They were previously owned by a joint venture between Entrepreneurial Properties Corporation and Sparrow Partners. Next, Newmark arranged four bank refinances on behalf of Caddis Partners for four of its “Heartis” communities. Comerica Bank provided a $20.8 million loan for the 106-unit Heartis North Shore in Wisconsin and a... Read More »
Ziegler Finances Richmond Campus Expansion
Three years ago, Westminster Canterbury Richmond announced plans for a Vibrancy! Project at their 809-unit life plan community located in Richmond, Virginia. Currently, the community has 487 independent living units, 164 assisted living units and 158 nursing units. We assume occupancy is pretty good because they will be adding an additional118 IL units. It originally opened in 1975 as one of the first LPC’s in Virginia and has become of the largest not-for-profit single-site communities in the country. There are two parts to the expansion. In what will be known as the Vitality Tower, 42 new IL units will be built atop a new fitness and wellness center. This center will attach... Read More »Schedule a demo
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