Morning Pointe Receives $106 Million Refinance for Seniors Housing Portfolio
Tennessee-based affiliates of Morning Pointe Senior Living announced that they have received $106.2 million in financing for an eight-property seniors housing portfolio. Located across Kentucky (1) and Tennessee (7), the portfolio comprises a total of 567 units. Completed between 1997 and 2021, the seniors housing communities offer assisted living and memory care services, featuring a mix of studio, alcove, one- and two-bedroom floorplans. Neal Raburn of Greystone originated the Freddie Mac Optigo loans on behalf of the borrower. The fixed-rate, non-recourse financing was structured through Freddie Mac’s Index Lock program and carries a 10-year term with a 30-year amortization period. With... Read More »
Another Active Adult Development Opens in Texas
In December of 2020, a Houston-based joint venture between Buckhead Investment Partners and Zane Segal Projects started construction of Arista Riverstone, a 143-unit active adult community in the Houston suburb of Sugar Land. Johnson Capital Multifamily Inc. provided the construction financing for the project. Gonzalez Newell Bender Architects provided architectural design services, and the general contractor was Galaxy Builders. Greystar was also set to handle lease-up and management of the community. That active adult community is now complete. Arista Riverstone includes one-, two- and three-bedroom apartments and community amenities such as a full-service salon, game room, conference... Read More »
2023 Seniors Housing Development Outlook: Equity and Debt
On November 17, our Editor Ben Swett sat down with Paul Griffin III of Griffin Living, Ari Adlerstein of Meridian Capital Group and Ken Assiran of Capital Health Group to discuss the current state of the seniors housing development market, and what financing options were available to those still looking to build. Read More »
Ouch…Brookdale Senior Living Plunges
How do you reduce the value of your company by 40% in 24 hours? Tell investors you are going to raise more capital after you told them in your third quarter earnings call that your liquidity was okay and you had no debt maturities until September 2024. That is what confronted investors this week. Brookdale Senior Living announced, and then priced one day later, a $125 million capital raise that left people wondering. It consists of 2.5 million units, priced at $50 per unit, with each unit including equity and debt (more on that later), and the proceeds will be used for general corporate purposes, the ubiquitous catch-all from the legal team. Our first guess was that investors pummeled the... Read More »
Blueprint Handles Major REIT Divestment
Blueprint Healthcare Real Estate Advisors announced the final tranche of a staggered portfolio sale of 22 total skilled nursing facilities across three states, and the team saved best for last with the sale of 18 facilities in Florida. Michael Segal, Ben Firestone and Lauren Nagle represented the public REIT seller in the Florida transaction, while Messrs. Segal and Firestone handled the earlier Georgia and Maryland deals. In its third quarter earnings report, Omega Healthcare Investors disclosed the sale of 21 skilled nursing facilities formerly leased to Agemo Holdings, LLC, after Agemo continued to not pay contractual rent and interest due under its lease and loan agreements. The... Read More »
Berkadia Arranges Active Adult Sale and Financing
Berkadia Institutional Solutions announced the sale and financing of a 55+ rental community in Dallas, Georgia. Earlier this month, Levin Pro LTC covered the sale of the community, which was Hardy Springs, a 149-unit single-story, built-for-rent community in the Atlanta suburb. Managing Director Russ Hardy of Berkadia Atlanta and Directors Brooks Minford and Simona Wilson of Berkadia Seniors Housing and Healthcare completed the $47.75 million, or $320,000 per unit, sale on behalf of the seller, Georgia-based Highlands Residential. John Bray of Berkadia arranged acquisition financing through Fannie Mae to support the transaction. The buyer is South Carolina-based and emerging active adult... Read More »
Blaze Capital Partners Buys Again in Atlanta
Multifamily investor Blaze Capital Partners announced its second active adult acquisition in Georgia. Built in 2021, Annabelle on Main comprises 180 units and sits on 4.6 acres in Duluth (Atlanta MSA). The units consist of one- and two-bedroom apartments ranging in size from 724 to 1,260 square feet. Community amenities include a pool, fitness center and yoga studio, movie theater, arts and crafts studio, dog park and a massage and meditation zen room. Earlier this month, Blaze purchased Hardy Springs, a 149-unit active adult community in Dallas, Georgia. This was the investment group’s first 55+ acquisition. This acquisition brings Blaze’s Georgia portfolio to eight properties... Read More »
Evans Seniors Investments Sells Allentown, PA Community
Evans Senior Investments announced the sale of an 80-unit assisted living community in Allentown, Pennsylvania. Built in the 1980s, the community was 100% private pay with in-place rents just under $5,000 a month. At the time of marketing, the community was 94% occupied and making over $800,000 in net operating income. But it actually maintained 100% occupancy throughout the transition process even as new supply opened in the market. The seller was an independent owner/operator with an established presence and good reputation in the area. The community was ultimately sold to Buffalo-based Hamister Group for an undisclosed price, which was paid in all cash. According to our Levin Pro LTC... Read More »
Cain Brothers Closes Bond Financing for Carmel Manor
Working on behalf of Carmel Manor, Inc. and its sponsor, The Carmelite System, Inc., Cain Brothers successfully closed $17.14 million of healthcare facilities revenue refunding bonds through Kentucky Economic Development Finance Authority. The proceeds from the tax-exempt, public, fixed-rate bonds were used to refinance an existing bank loan and pay certain costs of issuance. Also as part of the refinancing, an outstanding fixed-pay interest rate swap that hedged the refunded bank loan was terminated and resulted in a $1.4 million positive termination payment to Carmel Manor, a Kentucky-based not-for-profit corporation that operates a senior care facility with 95 skilled nursing beds, 80... Read More »
Public REIT Divests Two Maryland SNFs
A public REIT divested another two properties as part of a larger portfolio sale being run by Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors. Last week, the REIT sold two skilled nursing facilities in Georgia, and the latest two properties were located in Maryland along the Chesapeake Bay. Totaling 285 licensed beds, one facility is located on the Eastern Shore in Cambridge, and the other is in Lexington Park near the Virginia border. They have three and four stars, respectively, and boast limited local competition and attractive Medicaid rates. Cash flow was also positive, albeit lower than pre-pandemic levels. An East Coast-based acquirer and operator... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
