Selectis Health Refinances CCRC in Oklahoma
Selectis Health, Inc. (OTC: GBCSD), f.k.a. Global Healthcare REIT, Inc, has refinanced its mortgage at Southern Hills Retirement Community in Tulsa, Oklahoma for $8.03 million, following renovations across the campus and the hiring of a new executive director. Greystone’s Derek Dobrin originated the deal. Southern Hills, a 40-year old CCRC that provides independent living, assisted living, and short- and long-term care services, has faced roadblocks over the last year, including winter weather damage and Covid-19 related issues. Upon closing this deal, Selectis paid off the remaining loan balances on its assisted and independent living portions. Therefore, Selectis now owns the... Read More »
Brookdale Senior Living Issues Occupancy Update
Brookdale Senior Living issued an occupancy update, and the results were positive, but a little muted. The good news is that the company saw occupancy grow 50 basis points from July to August after an 80-basis point increase from June to July. Brookdale does expect another sequential monthly occupancy gain in September 2021, but likely a more moderated rate. The company attributed this to potential residents and their families becoming more cautious or temporarily delaying their decision to move into seniors housing communities in certain areas, as a result of the Delta variant. That shouldn’t surprise many. As of September 22, 2021, approximately 97% of Brookdale’s communities... Read More »
Hunt Capital Finances Affordable Housing Redevelopment
Hunt Capital Partners, CRP Affordable Housing and Community Development LLC, and CRP’s affiliate Castellan Holdings LLC have closed a $5.6 million low-income housing tax credit equity financing for St. Stephen’s Retirement Center in San Diego, California. The tax credit equity will be used to renovate 60 affordable housing units for seniors and convert them from Section 202 Project Rental Assistance Contracts (PRAC) to Section 8 Project-Based Rental Assistance (PBRA) contracts. This transaction was the first development in California and the fifth in the United States to perform this conversion under the Second Component of the Rental Assistance Demonstration program. Originally built in... Read More »
Grandbridge Arranges Loan for Wisconsin Community
Grandbridge Real Estate Capital LLC’s Artin Anvar recently arranged a $12.6 million HUD loan for a 100-unit, 146-bed seniors housing community in Menasha, Wisconsin. The three-building campus received a permanent, fully-amortizing loan through HUD’s Interest Rate Reduction (IRR) loan program, featuring a 26.3-year term and amortization period, and a fixed interest rate of 3.2%. Proceeds of the loan will be used to pay off an existing Grandbridge HUD loan. The borrower and name of the facility were not disclosed. Read More »
Newmark Closes Two Sales in Georgia
Newmark closed a couple of assisted living sales so far in the month of September. First, a 92-unit community in St. Simons Island, Georgia, sold to an undisclosed buyer. Featuring 68 assisted living and 24 memory care units, with 80,000 total square feet, the community was developed on a 1.7-acre site with the former Island Design and Architectural Center building converted into seniors housing space as part of the project. Thrive Development Partners developed it, with Thrive Senior Living as the operator. No purchase price was disclosed. The Newmark team also closed the sale of Orchard at Athens, an 85-unit assisted living/memory care community in Athens, Georgia. It recently opened... Read More »
Chicago Pacific Founders Adds to Southeast Portfolio
Chicago Pacific Founders has added to its portfolio with the acquisition of a 100-unit assisted living/memory care community in Oxford, Mississippi. Cardinal Ventures, Inc. developed the community in 2015 to feature 66 AL and 34 MC units across 85,000 square feet. Blake Management Group had also operated it from the start. However, Chicago Pacific Founders’ subsidiary Grace Management will take over operations and oversee a name change from The Blake at Oxford to The Magnolia at Oxford Commons. Plus, the new ownership team will invest in capital improvements. No purchase price was disclosed. Read More »
Marcus & Millichap Handles Two Transactions in Wisconsin
Two small but stabilized senior care facilities in Wisconsin sold to out-of-state buyers. Ray Giannini of Marcus & Millichap handled both transactions. The larger property is a 50-bed skilled nursing facility in the rural town of Shell Lake. Built in 1985 with an addition in 1994, it was 86% occupied with an almost 20% Medicare census. Helping the facility is the fact that it is the only SNF in town and is located next to a hospital. An out-of-state partnership sold the facility for $1.5 million, or $30,000 per bed, at a roughly 12.0% cap rate based on recent trailing financials. Mr. Giannini followed that up with the sale of a 16-unit assisted living community in Kenosha (Chicago... Read More »
Bain and Capitol Seniors Housing Acquire Active Adult Portfolio
Bain Capital Real Estate and Capitol Seniors Housing have teamed up to acquire an active adult portfolio of two properties in the Dallas-Fort Worth MSA. The first property, The Orchards at Arlington Highlands, is located in Arlington. Built in 2019, it totals 265,611 square feet and features 180 units that offer one- and two-bedroom floorplan options. The second property, The Orchards at Market Plaza, was constructed in Plano in 2020 and contains 257,102 square feet, also consisting of 180 units with one- and two-bedroom options. The two communities are strategically located minutes from regional malls, entertainment, medical facilities, and major transportation corridors. Financial... Read More »
Affordable Projects Spring Up Across the Country
Several developments and financings have been announced recently in the affordable seniors housing market, following a common theme that this sector is fast gaining investor attention. AHEPA Affordable Housing Management Company, Inc. is receiving an $8.86 million HUD loan to facilitate the development of 100 new affordable housing units in Des Moines, Iowa. That funding is part of the portion of the Build Back Better Act that is projected to bring more than $1 billion in affordable housing investments to Iowa. Across the country, MassHousing provided a $23.5 million loan for the expansion of Golda Meir House in the Boston suburb of Newton. Built between 1978 and 1995 and renovated in... Read More »
White Oak Secures Financing For SNF Portfolio
White Oak Healthcare Finance acted as administrative agent on the funding of a large credit facility secured by 14 skilled nursing facilities in the Southeast with more than 1,400 beds. Totaling $185 million, the senior credit facility comes out to about $132,100 per bed of debt. White Oak was able to build on an existing relationship with the borrower and partner with an undisclosed, but best-in-class, operator. No other details were disclosed. Read More »Schedule a demo
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