Marquee Capital Launches Second Fund, Targeting Seniors Housing
After successfully deploying the vast majority of capital from its inaugural fund, Marquee Capital announced that it is formally launching its second real estate fund, Marcus RE Fund II, LP, that will also include seniors housing in multiple geographies as well as opportunistic real estate plays with proven sponsors. The firm seeks to raise $100 million from other family offices, high-net-worth individuals, consultants, wealth managers and institutions. Marquee Capital recently rebranded from Berengaria Development, however the firm is still closely affiliated with Marcus Investments, the Marcus’ family office. Marquee Capital noted seniors housing’s stable cash flow and extreme... Read More »
Blake Parsons Acquires Carpinteria, California Community
Blueprint Healthcare Real Estate Advisors sold GranVida Senior Living, a senior living community located in Carpinteria, California. Initially built as an office building, the community was acquired and converted to assisted living in 2017. It now consists of 55 assisted living and 15 memory care units, with 77 total beds, in a high barrier-to-entry submarket of Santa Barbara. It also benefits from being the only seniors housing community within approximately 10 miles. Plus, there is an additional 1.81 acres adjacent to the site that is available for development of a second building with 50 units and 54 beds of assisted living. Blueprint ran a competitive marketing process for an... Read More »
Bridgewood Property Company Refinances Onion Creek Community
CBRE National Senior Housing refinanced Village on the Park Onion Creek, a Class-A senior housing community located in Austin, Texas, on behalf of Bridgewood Property Company. Aron Will, Tim Root and Michael Cregan arranged the $18.24 million loan through CBRE’s Freddie Mac Optigo lending platform. The loan featured a 10-year term and floating interest rate, with five years of interest only. The community will continue to be operated by Bridgewood’s wholly-owned management platform, The Aspenwood Company. Located in the established neighborhood of Onion Creek, the 124-unit, majority-independent living campus sits on nine acres south of downtown Austin. There are single-story apartments... Read More »
Alliance Health Refinances SNF through Lument
Lument closed a $15 million HUD loan to refinance Alliance Health at West Acres, a 130-bed skilled nursing facility in Brockton, Massachusetts. Aaron Becker, head of seniors housing and healthcare production at Lument, led the transaction. The facility was substantially renovated in 2017 using bank debt with recourse, which the HUD loan effectively replaces as non-recourse permanent debt. It comes with a 35-year term and a low, fixed interest rate. Alliance Health at West Acres was originally built in 1965 and consists of one two-story building featuring 116 semi-private beds and 14 private beds. Its not-for-profit owner, Alliance Health, owns and operates seven communities consisting of... Read More »
Interview with Aaron Krawitz of Bravo Capital
The SeniorCare Investor’s Managing Editor, Ben Swett, sat down with Aaron Krawitz of Bravo Capital to discuss the current lending market, what terms borrowers can receive for their different property types, and what to expect in the months to come. Read More »
LTC Sells Two Skilled Nursing Facilities
Westlake Village-based LTC Properties announced it has sold two skilled nursing facilities in the state of New Mexico for a purchase price of $21.3 million, or $90,600 per bed. The sale generated proceeds of $20.8 million, which will be used to pay down the company’s unsecured revolving line of credit. The two facilities were built in 1975 and 1985 and comprised a total of 235 beds. LTC provided a rent decrease of 7.5% of the net proceeds, or approximately $1.5 million in cash rent, to the in-place operator. The sale is part of LTC’s active asset management program, which aims to reduce the age of its portfolio and identify capital that can be better deployed through new... Read More »
Evans Senior Investments Handles Wisconsin Transaction
Evans Senior Investments arranged the sale of an assisted living/memory care community in Wisconsin. Located in Madson, the community comprises 120 units and was experiencing financial difficulties due to its high usage of Medicaid waivers when the operator was brought in by National Health Investors in 2019. However, over the past three years, the operator was able to increase the private pay census to 82% and raise the community’s overall occupancy rate to 69%, while decreasing the reliance on Medicaid. Emerging as the buyer of the community was Eden Senior Care. This marks the second transaction Evans Senior Investments has closed with Eden Senior Care in the last year and this... Read More »
Sunrise Senior Living Develops in Florida
Sunrise Senior Living announced it has broken ground on its first community in Coral Gables, Florida. Sunrise of Coral Gables is expected to open in the fall of 2024 and will offer 141 units, including 66 independent living, 54 assisted living and 21 memory care units. Sitting on 1.8 acres, the site will also feature a range of amenities, including a bistro, a fitness center, a salon, a spa, and outdoor spaces. The new community in Coral Gables is part of the company’s ongoing expansion plans. Read More »
60 Seconds with Swett: Impressions of the Spring NIC Conference
Around 1,900 seniors housing operators, investors, brokers, lenders, appraisers and other service providers met in San Diego last week for the Spring NIC Conference, and we wondered before what the mood would be in the room. In our scores of conversations with those in the nitty gritty of dealmaking and operations, we’d say it was a little bit of a downer. Most people are working on half the number of transactions but spending double the time on each one, which isn’t as fun a combination. But everyone is doing their best under the circumstances, and pipelines are still looking reasonably healthy. Operators continue to slog through a myriad of issues, including agency staffing, which is... Read More »
Meridian Capital Group’s February Transaction Haul
Meridian Capital Group’s Senior Housing and Healthcare Team closed $689 million in transaction volume over the month of February for a combination of 35 facilities in nine states, following a stellar year in 2022 when they closed more than $6 billion of volume. These transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. The team’s recent closings include four acquisition loans for a portfolio of 25 skilled nursing facilities to four separate operators, totaling 2,844 beds. These include $244.6 million in senior financing from two commercial banks and one finance company along with an $18 million AR line for 12 skilled... Read More »Schedule a demo
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