M&T Realty Capital Arranges Refinancing in Oregon
M&T Realty Capital’s Steven Muth led the refinancing of a 98-unit memory care community in Portland, Oregon. The $20 million HUD loan was non-recourse and featured a 35-year fully amortizing term with a fixed interest rate below 2.4%. The debt came in at around an 80% loan-to-value, putting the value of the property at $255,100 per unit. This loan refinanced M&T Realty’s existing bridge loan on the property, which was secured at the beginning of March for a local owner/operator to acquire the community from a California-based national operator. Cushman & Wakefield handled that off-market sale. Read More »
Edgemark Communities Acquires Affordable Housing Project
Edgemark Communities, the affordable housing division of Edgemark Development, has acquired the Residences at Franklin Park in Denver, Colorado. The Residences is a 92-unit affordable seniors housing project, and was purchased for $22 million, or $239,100 per unit, as Edgemark Communities’ first acquisition in Colorado. The 10-story building currently has 98% occupancy and features studio and one-bedroom apartments across its 55,493 square feet. HUD provides subsidies to the community, and Edgemark renewed the property’s housing assistance payments contract for 20 years. Built in 2008, the community was sold by Minnesota-based not-for-profit American Baptist Homes of the... Read More »
60 Seconds with Ben Swett: Strong Census Gains Continue at NHI
As we head into the holidays, flu season and the snowy winter, when census gains will be much harder won and as our inboxes fill with news on the omicron variant, we want to point out some really positive occupancy news from National Health Investors’ latest business update. In October, average occupancy across its 42 Bickford Senior Living properties rose by 60 basis points to 81.3%, from 80.7% in September. That is up 670 basis points from the low in March of this year. In its smaller (SLC) Senior Living Communities portfolio of nine properties, average occupancy also rose by 60 basis points to 81.5%, or a 530-basis point increase from the low of last December. The Holiday Retirement... Read More »
California Community Set to Break Ground
A seniors housing development is set to break ground in Santa Cruz County, California after Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold the 3.35-acre site to the developer. An experienced regional owner/operator in California with more than five developments in its pipeline paid $6.75 million for the site, which is entitled for 82 units and 89 beds of seniors housing. The project is located in Soquel, a high-barrier-to-entry market in an affluent area that surely resulted in the competitive bidding atmosphere for the site. That makes for a happy seller we imagine, as well. Once the project is permitted, construction is expected to commence... Read More »
Ziegler Closes Financing for Philadelphia Operator
Ziegler arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three CCRCs in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. In total, the portfolio includes 482 independent living, 56 personal care, 118 assisted living and 178 skilled nursing units. As a result of this financing, Simpson’s entire capital structure now comprises all public, fixed-rate bonds. Proceeds from this deal will refinance existing bonds from 2015 and fund capital expenditures, among other uses. Read More »
Greystone Arranges Financing for Atlanta Community
Greystone arranged financing for a 193-unit seniors housing complex in Atlanta owned by Harbert Seniors Housing Fund I LP. Matt Miller of Greystone’s Senior Housing Capital Markets Team handled the transaction, which did not disclose loan amounts. However, a large regional bank provided the funds, which include a three-year term. The property, managed by an experienced regional operator, includes independent living, assisted living and memory care units across two construction phases, the second of which was completed in late 2020. Read More »
Greystar Breaks Ground in Chicago Suburb
Greystar is expanding its active adult presence in Illinois with the groundbreaking of Everleigh Vernon Hills, a new amenity-filled community in a northern Chicago suburb. Everleigh will offer one- and two-bedroom units, as well as two-bedroom apartments with a den and separate cottage homes set to surround the apartment building. In total, the 317,000-square foot community will offer 175 apartments and seven standalone duplex cottages with private parking as well as 218 attached parking spaces. Outdoor amenities will include a heated swimming pool and spa, event lawn, game lawn, outdoor lounge with firepits, pool cabanas and a space for pets. Inside, there will be a great room,... Read More »
JLL Arranges Two Refinances Through Debt Funds
The team at JLL Capital Markets refinanced a couple of seniors housing properties in the Southeast, working with a debt fund in both transactions. The first, and largest, deal saw a five-year $57.5 million loan arranged for Windsor at Celebration, a 239-unit, luxury seniors housing community near Orlando in Celebration, Florida. Built in 2018 by a partnership between Square Mile Capital Management and Big Rock Partners, the community features 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. JLL’s Senior Director Joel Mendes, Senior Managing Director... Read More »