Stephanie Anderson Moving to Berkadia
Berkadia announced the addition of Stephanie Anderson as SVP, Head of Berkadia Seniors Housing & Healthcare Operations. Ms. Anderson will work alongside SVP and Head of FHA and Berkadia Seniors Housing Finance Steve Ervin. She will be based out of Boston. With over 25 years of experience in the senior housing space in many different roles Ms. Anderson previously served as the National Sales Director for Housing & Healthcare Finance. She has held executive level roles with Health Care REIT (now Welltower), GE Healthcare Finance and Ventas. Anderson has been on the board of both the American Seniors Housing... Read More »
BMO Harris Finances LCS Construction in New Jersey
BMO Harris Bank’s Healthcare Real Estate Finance group followed up on its large construction financing closed for LCS and an institutional partner to develop a 220-unit senior living community in New Jersey with another construction loan. The $19.4 million construction loan will support the renovation of a Sunrise Senior Living community in Redmond, Washington. Originally built in 1999, the community has 110 units of assisted living and memory care. Its renovation will include redoing the bathrooms, fixtures, furnishings and all the common areas. The loan came with an initial term of four years. Read More »
PGIM Provides Financing For Harrison Street Acquisition
The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas. Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and... Read More »
MidCap Financial Closes Acquisition Debt For Healthpeak
MidCap Financial closed acquisition debt for another Healthpeak divestiture. Announced in May, the REIT sold five of its SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There was a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in the past four years. Private equity firm Fortress Investment Group paid $64... Read More »
Capitol Seniors Housing Breaks Ground in Georgia
Construction is underway at The Outlook at the Exchange, an active adult community in Buford, Georgia. The 200,000-square-foot, four-story community will offer 180 residential units. The community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. Capitol Seniors Housing developed and invested in this project. This venture comes two months after CSH broke ground on Arbor Terrace Marlton, an 87-unit AL community in southern New Jersey. Element Architects is the design firm for The Outlook, and Core Construction is the general contractor. The project is scheduled to open in late 2022. Read More »
60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market
We’re not sure we have ever seen a month like this when it seemed that institutional buyers were racing to see who could announce the biggest deal. First was Welltower’s acquisition of 22 Pathway to Living communities, then came Harrison Street’s $1.2 billion purchase of 24 Oakmont communities, then Atria Senior Living acquired Holiday Retirement and Welltower jumped back in again, acquiring Holiday’s owned portfolio of 86 properties. Next, we had the Griffin American REITs 3 and 4 merging, and finally, at least of this filming, Ventas will pay $2.3 billion to purchase New Senior Investment Group. It has been a dizzying display of strength from these institutional buyers, and we are... Read More »
Meridian Closes Eight More Property Transactions
We’ve said before that Meridian Capital Group is having quite a year, but the firm just closed another $113 million in transaction volume for a total of eight senior care and healthcare properties in five states. So, they have no plans for a summer vacation, apparently. Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb, Jacob Scott and Rafi Sod negotiated the transactions and have reached $2.8 billion in deals closed to date in 2021. The team first arranged $37 million in senior and mezzanine financing for the construction of a senior living community in South Carolina that will include 54 assisted living, 48 independent living... Read More »
Oxford Finance Backs Acquisition of Four Texas SNFs
Oxford Finance helped finance the acquisition of four skilled nursing facilities in Texas with a senior credit facility totaling $27.5 million. Cascades Healthcare, an owner/operator of 15 skilled nursing facilities in Utah and Idaho, is the borrower, branching out into the Lone Star State for the first time. The facilities total 647 licensed beds. We learned of the deal earlier this month when Alec Blanc of Monarch Advisors announced his structuring of the transaction. Making up the credit facility was a $21 million acquisition loan that came with a three-year term and interest-only payments for the first two years, a $3 million revolving line of credit for working capital, and a $3.5... Read More »
New Blueprint MOB Team Closes Second Deal
Blueprint Healthcare Real Estate Advisors’ new medical office building team of Eric Lee and Chris Lashmet just closed their second MOB deal. Hired by a public REIT seller, the team sold a 57,000-square foot, Class-A building in the La Crosse-Onalaska area of Wisconsin. Sitting on 15.19 acres in a retail/commercial corridor, with five acres dedicated to new development, the building opened in 1992. Blueprint was able to articulate a path to stabilization during the marketing process and found a local buyer with tenant relationships in the market. The new owner also has plans to execute the expansion in the additional five acres. Read More »
ER Senior Living CEO Steps Down
Chris Coates, the President and CEO of Abilene, Texas-based ER Senior Living, will be stepping down from those roles and retiring, effective July 1. He will remain a Principal and Board Member in the Evergreen Companies going forward, but Brian Dowd will add CEO to his title, already being the COO and CFO of the company. Mr. Coates founded the management company with Mr. Dowd in 2021 and has grown it to now include communities in Texas, Illinois, and Pennsylvania. Mr. Coates is a veteran of the senior care industry, having previously served as the Chairman of both the American Senior Housing Association and of the Assisted Living Federation of America (now... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
