CIBC Closes Transactions for Two Portfolios
CIBC Bank closed transactions for two portfolios, comprising a total of seven seniors housing and care communities. CIBC first closed a $73.4 million acquisition loan for a four-property portfolio in eastern Pennsylvania, including a total of 675 skilled nursing beds and 100 senior living units. The facilities, which have an effective age of 30 years, were acquired by an experienced local operator. Historical occupancy for the home has been approximately 70%, and without stimulus, historical EBITDAR had been negative. In addition to the five-year mortgage loan, a $6.0 million revolving line of credit was provided for working capital. Matthew Tyler and Daniela Miranda handled the... Read More »
Evans Senior Investment Facilitates SNF Sale in Chicago
Evans Senior Investments represented a not-for-profit seeking to exit the long-term care business in the divestment of its 129-bed skilled nursing facility, with an 18-unit independent living component, in Chicago, Illinois. The buyer was a Chicago-based owner/operator of skilled nursing facilities, paying an undisclosed sum for it. They will also manage the facility going forward. Built in 2002 with a 2012 rehabilitation addition, the property averaged 87% occupancy before the pandemic, with 49 private pay and 28 short-term rehabilitation residents contributing to $13.6 million in revenue. However, the facility was not profitable at the time of the closing, and had an average occupancy... Read More »
HJ Sims Provides Financing for Illinois CCRC
HJ Sims provided a not-for-profit CCRC with an $8.78 million taxable note in September. Clark Lindsey Village, located in Urbana, Illinois, comprises 147 independent living units, 12 assisted living and memory care units and 105 skilled nursing beds. Clark Lindsey Village intends to use this financing to reposition its campus offerings. This is expected to be completed over a five-year period and include several phases to the project. Phase I will be the construction of eight independent living villas and site work dedicated to the next planned phase. Sims acted as the structuring agent for a taxable bridge financing via a draw-down bank note, capturing a taxable interest rate of 2.15%... Read More »
Welltower Announces Four More Portfolio Acquisitions
Welltower continues to double down on its seniors housing acquisition strategy, planning to spend another $1.3 billion to purchase four separate portfolios total 31 properties, as revealed in its Q3 earnings report. The news also came after Healthpeak Properties announced in its own third quarter earnings that it had completed its exit from the seniors housing industry. So as one “Big Three” REIT leaves, another cements its status as number one. The largest of the deals was the $580 million acquisition of eight rental and six entrance-fee communities affluent markets in Washington, California and Virginia. It appears this is The Fountains portfolio, owned by NorthStar Healthcare Income... Read More »
Eclipse Senior Living Transitions More Properties
Eclipse Senior Living has transitioned more of its properties to other operators. A Discovery Senior Living and Ventas joint venture first announced the rebranding of 19 former Elmcroft Senior Living communities, which have been reallocated across Discovery’s national and regional brand companies. Many of these communities, which span multiple states, have transitioned from Eclipse’s Elmcroft brand to Discovery’s TerraBella brand, while Ventas will continue to own the properties. The deal results in the TerraBella’s transformation into a regionally-focus, wholly-owned subsidiary management group for Discovery, while giving rise to two new regional brands entitled SummerHouse and... Read More »
Evans Senior Investments Announces a Slew of Deals
Evans Senior Investments has announced a slew of closings, including a three-transaction portfolio deal and a separate assisted living community. The separate community, Main Street Senior Living in Hendersonville, Tennessee, sold for $5 million, or $86,000 per unit. Built in 2000, the 58-unit community is located in the Nashville suburban area and provides assisted living and memory care services. Main Street had a 62% occupancy rate and $1.53 million in revenue at the time of marketing, with 100% private pay residents. However, it was not profitable and lost over $900,000 in NOI over the last 12 months. A Southeast regional owner/operator purchased the community to expand its seniors... Read More »
Helios Healthcare Advisors Facilitates Acquisition in Oregon
Samaritan Health Services, an Oregon-based not-for-profit integrated health system, sold a seniors housing community in Sweet Home, Oregon that it had picked up in a merger but has since deemed to be non-core. Samaritan engaged Helios Healthcare Advisors to market the property and procure a buyer, which ended up being Mosaic Management, a regional operator with a presence in the local market. Mosaic paid $4.2 million, or $65,600 per unit. There was no cap rate on the deal, since the community was losing about $350,000 in EBITDAR. Built in the late 1990s, it includes 44 assisted living units in one building and 20 independent living units between five buildings. Occupancy was around 70%.... Read More »
Berkadia Closes Sales in Florida and Virginia
Berkadia’s Tim Cobb and Brooks Minford have announced the closing of two seniors housing communities in Florida and Virginia. First was the sale of Homestead Village Retirement Community, a 176-unit community in Pensacola, Florida. Built in 1993, the community consists of independent, assisted living and memory care units. Twin Light Capital purchased the property from an Alabama-based not-for-profit, and the company intends to implement capital and operational improvements. The not-for-profit decided to sell the community after deciding to focus its efforts on their communities within Alabama. The other deal saw Virginia-based Robertson Liebler sell Edgeworth Park at New Town, an... Read More »60 Seconds with Steve Monroe: Positivity Prevails at NIC
Steve Monroe reports positive sentiments about the future of the industry at NIC 2021. Read More »
KeyBank Announces Unitranche Loan Program with Welltower
On the eve of NIC, KeyBank Real Estate Capital announced a new unitranche loan program with Welltower, Inc., and we hope it resulted in some meetings with curious potential clients. Entitled the Healthcare Real Estate Fund, it will total $750 million in lending capacity to provide first mortgage financing on seniors housing communities and skilled nursing facilities. Terms are expected to be between three and five years, with loan amounts ranging from $25 million to $75 million, approximately. Since the unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple... Read More »Schedule a demo
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