Silver Creek Equity Secures Financing
BWE arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit active adult community in Chanhassen, Minnesota. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The community is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60% or less of the area median... Read More »
Washington AL Community Secures Financing
Berkadia announced the arrangement of $25.6 million in bridge financing for an assisted living community in Spokane, Washington. Steve Muth, Austin Sacco and Garrett Sacco secured the financing through Berkadia’s bridge lending program for a Pacific Northwest sponsor and repeat client. The funds were used to retire existing debt on the community and return capital to the sponsor. At the time of underwriting, the facility boasted an 89% occupancy rate. The loan, featuring a 12-month interest-only term, is expected to qualify for a reduced debt seasoning period due to the facility’s strong operational history, allowing for immediate submission to HUD upon closing, with a cap at 70%... Read More »
Welltower and Ventas Continue to Outperform
The Big Two REITs, Welltower and Ventas, continue to outperform the overall seniors housing market, leading the way in the post-pandemic recovery as the two largest owners of seniors housing properties. Welltower reported its fourth quarter and year-end 2024 results first, and it was impressive. Its fourth quarter same-community SHOP NOI increased by 23.9% year over year, while revenue increased by 8.8%. Same-community average occupancy increased by 310 basis points year over year, and the NOI margin jumped by 320 basis points in the fourth quarter. These are unusually strong numbers, but at some point, the growth rate will have to decline as back-to-back 20% plus increases will be... Read More »
Berry Weiss Secures Financing for Long Island AL/MC Portfolio
MONTICELLOAM announced the financing of a $115 million senior bridge loan for a portfolio of assisted living and memory care communities in Long Island, New York. The portfolio comprises four communities built between 1959 and 1974 with 567 units across 26.21 acres. A repeat MONTICELLOAM client, the sponsorship group, downstate New York owner/operator/private investor Berry Weiss, utilized proceeds from the financing to acquire the communities and plans to improve operations by expanding the services offered across 1,000 beds. The transaction carries a 36-month initial term with two six-month extension options. Senior Living Investment Brokerage handled the sale of the portfolio in... Read More »
KeyBank Provides Construction Financing
KeyBank Community Development Lending and Investment (CDLI) provided construction financing to a to-be-built affordable seniors apartment community in Pittsburgh, Pennsylvania. The package consisted of a $27 million construction loan and a $14.4 million private placement permanent loan to finance the adaptive reuse of the First & Market office building. First & Market building will introduce 93 units, complete with accessibility features, sustainable building practices, and proximity to public transit, healthcare and other downtown amenities. The sponsor, Beacon Communities, broke ground on the project last month. All 93 units will be restricted to the 62+ senior population and... Read More »
60ish Seconds with Steve Monroe: The Coming Seniors Housing Shortage?
The Wall Street Journal just came out with a story about the coming seniors housing shortage. Unfortunately, it started with misinformation, when it stated that “seniors housing has been one of the biggest disappointments for commercial real estate investors.” In some periods yes, but in other periods not at all, when it has had outsized returns and beat the other sectors. It is all about context, and the writer should have known better. The story may, however, generate some investment interest. We are glad that occupancy has reached pre-pandemic levels, but we really need to get to 2017 levels to be happy. Remember, back in October 2020 we did the analysis and concluded it would take at... Read More »
Joint Venture Acquires in Florida
Bradley Clousing, Daniel Geraghty and Patrick Burke of Senior Living Investment Brokerage handled the sale of Promise Pointe at Tampa Oaks. The seller was a local developer, and this was its only seniors housing asset. Built in 2018, Promise Pointe is an 108-unit assisted living and memory care community in Tampa, Florida. This Class-A property sits on 7.18 acres and was breaking even at the time of the sale, with occupancy around 85%. The community was developed as an EB-5 program but never stabilized. The buyer is a regional operator that partnered with an institutional capital provider. The joint venture intends to complete a cosmetic update and focus on marketing efforts to... Read More »
Texas MC Portfolio Changes Hands
Blueprint facilitated the sale of a portfolio of standalone memory care communities in Texas on behalf of a real estate investment firm that predominantly invests in skilled nursing facilities. The three memory care communities, totaling 108 units, featured all private units in Fort Worth, Austin and San Antonio. These were the seller’s only memory care assets. The deal was positioned as an opportunity for an incoming owner/operator with regional expertise to integrate the communities into an existing platform, implement key cost control measures and execute on a capex investment plan to elevate each community’s profile and drive private pay rents. Blueprint secured three competitive... Read More »
Meridian Senior Living Acquires CO Property
Meridian Senior Living acquired a seniors housing community in Parker, Colorado, through a joint venture with a state pension fund investor. This transaction represents the 11th acquisition within the partnership and introduces Meridian to the Colorado market. Meridian’s portfolio now comprises more than 46 communities in 16 states. Built in 2018 with a strong rebound in occupancy post-pandemic, Pine Grove Crossing comprises 100 assisted living and 27 memory care units on 4.41 acres. Meridian intends to implement capital improvements to enhance resident amenities, including upgrading dining areas and outdoor spaces. Read More »
Radiant Senior Living Secures LifeCo Loan
Berkadia announced the closing of an $11.35 million refinance with a life insurance company for La Conner Retirement Inn, a seniors housing community in La Conner, Washington. The community, owned by Radiant Senior Living, features 67 independent living and assisted living units. Steve Muth, Ed Williams, Garrett Sacco and Alex Rosenfeld handled the transaction on behalf of Berkadia. The loan features a multi-year term with an attractive fixed interest rate, an initial period of interest-only payments, a long-term amortization schedule, and a conservative loan-to-value ratio. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
