The Waters of Highland Park Acquired
Cushman & Wakefield announced that it has advised a joint venture between The Waters Senior Living and an institutional capital partner in the procurement of a $16.5 million acquisition loan for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community located in the Highland Park neighborhood of St. Paul, Minnesota. Such amenities include a salon and spa, a theater and wellness services. Waters Senior Living originally developed the community in 2015 and managed it but will now be taking ownership of the property. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the... Read More »Monarch Advisors/VIUM Capital Refinances South Texas SNF
Monarch Advisors refinanced and recapitalized a skilled nursing facility in south Texas for its in-state owner/operator. After leasing the property in 2017, the operator exercised its purchase option in 2018 and continued to improve operating performance during the pandemic. Monarch sourced a $17.08 million senior loan from VIUM Capital/Merchants Bank of Indiana, which retired the existing bank debt on the property and provided cash at closing to help fund the client’s future growth plans. At approximately 60% loan-to-value, the loan is structured for a quick exit to HUD, with a one-year maturity, two six-month extensions and a full term of interest only. There is also partial recourse... Read More »Lument Leads Stonerise Healthcare’s Sale
Lument Securities announced that it recently advised Stonerise Healthcare on its sale to a New York-based real estate investment firm and an operating partner, CommuniCare Health Services. Stonerise’s network of care included 17 owned and operated skilled nursing facilities throughout West Virginia totaling 1,955 beds, a therapy company, seven home health and hospice agencies, an institutional special needs plan and a SNF development project. Lument had a decade-long HUD financing relationship with Stonerise (which was led by Thomas Gale), and Laca Wong-Hammond and Dominic Porretta led the transaction as its exclusive financial advisor. The skilled nursing portfolio and therapy company... Read More »Jonathan Rose Co. Buys Seniors Housing Complex
Jonathan Rose Co. and Jamboree Housing have acquired Belage Manor, a 180-unit affordable senior housing complex in Anaheim, California for the purchase price of $41 million, or $227,000 per unit. This marks the 12th deal to close under the Rose Affordable Housing Preservation Fund V. California-based nonprofit Jamboree Housing along with the fund will invest $9 million in renovations to make significant improvements to the complex. Capital One Healthcare provided a $28 million Fannie Mae first mortgage loan as part of the GSE’s Enhanced Resident Services program. Read More »Omni Smart Living Refinances Two Communities Through JLL
JLL Capital Markets arranged short-term financing for two newly built communities totaling 328 units in North Olmsted and North Royalton, Ohio. The two high-quality communities comprise independent living, assisted living and memory care units. The borrower is real estate investment group Omni Smart Living, for which JLL secured a three-year, floating-rate loan through a national debt fund. The first property is the 160-unit Vitalia North Olmsted, and the other is the 168-unit Vitalia North Royalton, both located roughly 10 to 15 minutes outside of downtown Cleveland. Joel Mendes and Billy Lichtenstein of JLL Capital Markets represented the borrower in the transaction. Read More »BMO Harris Bank Closes Big Refinance for Phoenix CCRC
BMO Harris Bank’s Healthcare Real Estate Finance group closed on a whopping $145 million term facility with two participating banks to recapitalize Sagewood, an entrance-fee CCRC in Phoenix, Arizona. Westminster Capital and LCS own the property, with LCS serving as operator since its opening in 2010. The community has been expanded over the years, most recently with a $100 million, 101-unit independent living project in 2021, and now features 417 IL units, 44 assisted living units, 28 memory care units and 78 skilled nursing beds. The existing IL units were fully occupied prior to the project, and 96% of the new units were pre-sold by the end of 2018. At that time, LCS and... Read More »ESI Handles New Jersey SNF Sale
Evans Senior Investments has handled the sale of a struggling skilled nursing facility in Clark Township, New Jersey. Built in 1995 with more than 130 beds, the facility saw pre-pandemic occupancy levels of 85% plummet to 56% by the time of sale. The seller is a regional owner/operator, which sought to exit this facility given the distance from its existing portfolio. Evans Senior Investments, which closed another SNF sale for the regional owner/operator in July in Volusia County, Florida, found an East Coast-based owner/operator within 25 days of starting the marketing process to purchase this asset, adding to its established portfolio. According to LevinPro LTC, Evans Seniors Investments... Read More »Investor Group Acquires Georgia Communities
A group of individual investors acquired two assisted living/memory care communities in Georgia from a local owner/operator looking to exit the industry. The purchase price was not disclosed, but the communities sold for a cap rate in the mid-8s, slightly higher than the sector’s average in the last few years. Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 2007, Sunny Grove Assisted Living in Barnesville features 34 units and was around 97% occupied. River Place Assisted Living in Forsyth was built more recently in 2017 and features 35 units with 93% occupancy. There is an expansion opportunity at the Barnesville location, which... Read More »RAM Properties Acquires Florida Portfolio
A private institutional group sold three seniors housing communities in Florida to RAM Properties, a boutique private equity firm backed by a family office. RAM paid $70.85 million, or $158,000 per unit, for the portfolio and brought in its Florida-based operating partner Concordis Senior Living to take over management. The properties included 253 independent/assisted living units (all licensed for assisted living) and 193 memory care units, averaging more than 20 years in age but with multiple renovations over the years. When the portfolio went under LOI, occupancy was in the 80s, but that improved throughout the process into the 90s at closing. In addition, previous resident rent... Read More »Struggling Florida SNF Sells
Evans Senior Investments has handled the sale of a large 200+ bed skilled nursing facility in Volusia County, Florida. Built in the 1960s, the facility features semiprivate rooms and three-bed wards. Occupancy rates averaged 73% before the pandemic. However, at the time of the sale, the facility was losing money while occupancy dipped to 41%. The seller was a regional owner/operator who was looking to get rid of the struggling geographic outlier from its portfolio. An East Coast owner/operator, adding to their skilled nursing facility portfolio, ended up as the buyer. Read More »Schedule a demo
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