JLL Capital Markets Closes Major Refinance
JLL Capital Markets arranged a $175 million refinancing for a six-property seniors housing portfolio totaling 821 units across the Southeast. Featuring a mix of independent living, assisted living and memory care units, five of the properties were recently built and the sixth, a second phase to its adjacent sister property, is currently under construction. The high-quality communities feature plentiful amenities, including fitness centers, dining rooms, lounge areas, bars, putting greens, outdoor patios, walking paths and more. No other details on the transaction were disclosed, but the JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Allison... Read More »
CBRE Handles Active Adult Sale
CBRE National Senior Housing sold an active adult community in Tomball, Texas (Houston MSA). Built in 2014, Laurel at Vintage Park comprises 120 one and two bedroom units and sits on 5.48 acres. Amenities include a two-story clubhouse with a full kitchen, fitness center, community family rooms with kitchens, along with other amenities for the residents. The seller of the community was Coastal Ridge, a vertically integrated real estate investment, property management, and development firm. John Sweeny, Aron Will, Scott Bray, and Garrett Sacco, and CBRE’s Houston Multifamily team consisting of Clint Duncan, Matthew Phillips, Jock Naponic, and Nolan Mainguy, represented the... Read More »
Ziegler Arranges Bond Financing for North Carolina CCRC Expansion
Ziegler closed a large bond financing for The Forest at Duke, a not-for-profit CCRC in Durham, North Carolina. The campus, located on approximately 47 acres just south of Duke University, received $95.57 million in funding, split between a $66.07 million Series 2022A1 long-term bond and a $29.5 million Series 2022A2 intermediate-term bond. Both are draw-down, bank-held bonds issued through the North Carolina Medical Care Commission, with the A1 piece featuring a 15-year commitment and accreting swap and the A2 piece being repaid with initial entrance fees from an expansion project. First opened to residents in 1992, the CCRC currently serves over 360 residents across 154 apartments, 81... Read More »
60 Seconds With Swett: Seniors Housing & Care Market Nears 500 Transactions for 2022
With one month to go until 2023, we are just a handful of deals away from breaking the 500-deal mark for 2022. You’ve heard us say before that the previous record for publicly announced deals was 456, set in 2019 when the biggest issues facing the senior care industry were overdevelopment and a potential PDPM-induced rate readjustment. So, for seniors housing and care buyers and sellers to come together on what we assume will be well more than 500 deals (more when you include the scores of deals confidentially disclosed to us) despite a lingering pandemic, a staffing crisis, inflation and rising interest rates throughout much of the year is impressive. Late last year, we did think there... Read More »Is The Public Option Passe?
Last month, we raised issues about Sonida Senior Living and its ability to survive through next year without additional capital. Its market cap is low ($86 million), its share price is falling as are its cash balances. G&A expenses have been way too high, but they are beginning to address that. Another company, AlerisLife, is facing similar problems, such as a small market cap ($25 million), a falling share price and G&A expense out of line with its operations ($17 million in the third quarter alone). One good thing going for the company is that it has $79.1 million of cash and just $67 million of long-term debt. And, quarter-end occupancy in the third quarter increased... Read More »
CBRE Facilitates Augusta Acquisition in Georgia
CBRE National Senior Housing’s team consisting of Aron Will, John L. Sweeny, Jr., Garrett Sacco and Scott Bray completed the sale and acquisition financing for a fully occupied assisted living/memory care community in Augusta, Georgia. Built in 2019, Thrive at Augusta comprises 85 units on 17 acres and despite opening just before the pandemic, it did indeed reach 100% occupancy by the time of the transaction. It caters to a high-income population and features a number of high-end amenities. New York City-based Drake Real Estate Partners ultimately sold the property to Inspired Healthcare Capital. Aron Will and Adam Mincberg of CBRE also arranged a five-year, fixed-rate $16.8 million loan... Read More »
Active Adult Community Sells in New Jersey
JLL Capital Markets closed the sale of an active adult community in Englishtown, New Jersey (near Trenton). Built in 2008, Royal Pines at Marlboro comprises 89 units and sold for a purchase price of $29.9 million, or $336,000 per unit. The community comprises one- and two-bedroom units averaging 859 square feet. Unlike most active adult communities, Royal Pines allows 20% of residents to be 35 and older with the other 80% fulfilling the 55+ requirement. Intergenerational living could become more popular over the years, helping the seniors housing industry attract another cohort of seniors looking for it. The seller was a joint venture between vertically integrated real estate company GRJ... Read More »
Links Healthcare Group Buys Two Senior Care Facilities
Links Healthcare Group announced the purchase of two seniors housing communities in San Jose, California. The first purchase was of a skilled nursing facility by the name of Westwood Post-Acute comprising 268 beds. Link’s second acquisition was Westgate Villa Assisted Living comprising 60 units, but both properties sit adjacent to each other. The seller of the two communities was listed as entities affiliated with Stamm Care Homes. Links previously operated the facilities under a lease and had a purchase option for the two buildings. Forbright Bank provided a $38.5 million acquisition loan for Links Healthcare Group to finance the purchase, according to public records. Read More »
CareTrust REIT’s Mark Lamb Steps Down as CIO
The Board of Directors of CareTrust REIT, Inc. announced the appointment of James Callister as Chief Investment Officer, to be effective as of December 31, 2022. Mr. Callister will succeed Mark Lamb, who is leaving the company after a transition period to pursue entrepreneurial opportunities. Mr. Callister currently serves as CareTrust’s Executive Vice President. In the release, CEO Dave Sedgwick stated,“On behalf of the Board and all of us at CareTrust, I express our admiration and gratitude for the tremendous impact Mark has had on building the company since the beginning. Mark has always been a true partner and friend and we wish him continued success in the future.” Mr. Lamb said,... Read More »
Marcus & Millichap Refinances Georgia Community
Marcus & Millichap Capital Corp. arranged an $8.3 million loan to refinance Brookside Commerce, an assisted living community in Commerce, Georgia, approximately 70 miles northwest of Atlanta. Built in 1998, the 62-unit community includes 12 independent living units and is 3.5 miles from Northridge Medical Center, a full-service community hospital. It was acquired in September 2019 with another community in Stone Mountain, Georgia, for a combined $9.75 million, or $104,000 per unit. At the time, it was 93% occupied and had been recently renovated. A New York-based private equity firm was the buyer and secured a bridge loan through CBRE’s multifamily bridge lending program, MF1 Capital,... Read More »Schedule a demo
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