Monarch Advisors Finances New Oregon Senior Living Project
Just before the end of the year, Alec Blanc of Monarch Advisors closed a construction loan for a to-be-built assisted living community in Redmond, Oregon. Developed by nearby Bend, Oregon-based Juniper Canyon Living, the project will feature 108 units of all private pay. It will be operated under the Oregon Specific Needs program, which provides assisted living care to seniors with mental illness. The project is already underway and will be completed in phases, the first by the middle of this year and continuing through to the middle of 2022. Juniper Canyon Living has a number of similar projects in the works over the next few years. Monarch sourced the senior debt,... Read More »
CBRE Refinances Eugene, Oregon Community
CBRE closed out 2020 with a cash-out refinance of a 217-unit senior living community in Eugene, Oregon, with Aron Will, Austin Sacco and Tim Root working on the deal. A joint venture between The Springs Living and Harrison Street was the borrower, having developed the property in 2017 with construction financing also secured by CBRE. The property experienced strong lease-up and stabilized within 13 months of opening. It is currently 96% occupied across the 110 independent living units (including 31 cottages), 75 assisted living units and 32 memory care units. Not too bad for a pandemic. The five-year, non-recourse loan was provided by a national bank and came... Read More »
Harborview Handles Three Financings And A Sale
The team at Harborview Capital Partners closed several transactions for senior care facilities before the end of the year. First, David Nussbaum and Eli Kutner advised on the sale and arranged acquisition/construction financing for a hotel in Fishkill, New York to be converted to a 200-bed assisted living community. The $10.7 million loan came with a three-year, interest-only term and five-year perm option with a rate of LIBOR+325. Next, Mr. Nussbaum originated a $23.9 million loan to refinance a 193-bed assisted living community in Brooklyn, New York. The non-recourse loan came with a 30-year amortization and 10-year term. Finally, Ephraim Kutner and Jonathan Kutner... Read More »
Ziegler Secures Two More CCRC Bond Financings
Ziegler’s impressive run of activity continued with a couple of financings closed in the normally quiet week between Christmas and New Year’s Day. The larger transaction saw $136.77 million of public bonds and bank capital closed for People of Faith, Inc., d/b/a Royal Oaks Life Care Community. Originally established in Sun City, Arizona in 1981, the CCRC consists of 258 independent living apartments, 102 IL garden homes, 59 assisted living units, 56 memory care units, and a 60-bed high acuity assisted living care center, which replaced the former skilled nursing facility on the 50-acre campus. Ownership has a 20-year master plan to expand the property... Read More »
Blueprint Announces Two SNF Deals
Two Blueprint Healthcare Real Estate Advisors teams helped a couple of institutional owners divest or find new tenants for their senior care assets. Michael Segal and Gideon Orion first represented a REIT in the re-leasing of its 143-bed skilled nursing facility in San Antonio, Texas. Built in 1967 about 15 minutes north of downtown, the facility maintained a four-star rating from CMS, the highest in the area. Despite three regional hospitals within 10 miles of the facility and its enrollment in the state’s QIPP managed Medicaid program, the SNF struggled with census. Part of a larger portfolio owned by the REIT and operated under a master lease structure with the... Read More »
The Prestige Group Handles Distressed Sale
Jim Baranello of The Prestige Group handled the sale of a distressed personal care/memory care community in Larksville, Pennsylvania, in the Scranton/Wilkes Barre MSA. Built around 2000 and acquired by the current mom & pop seller soon after, the community has 52 beds. It had experienced low census in the 60% range for several years, and the operating environment was obviously made only more difficult in 2020. The sales process started earlier this year, but the final purchase price (which remains undisclosed) stayed approximately the same. A private buyer with other properties in the region stepped in to acquire the community and has plans to improve census and invest in renovations... Read More »
O&M Investments Adds Two California SNFs
Nick Martinez and Todd Okum of O&M Investments picked up a couple of skilled nursing facilities in San Diego County, California. Combined, the facilities have over 250 licensed beds. O&M signed a new long-term lease with the existing tenant, which operates more than 20 facilities in the state. They will also receive $700,000 for capital improvements. The purchase price came to $17 million, or nearly $70,000 per bed. Read More »
Ohio Obligated Group Secures Bond Financing
The Methodist Retirement Center of Central Ohio, a not-for-profit, faith-based corporation doing business as The Wesley Communities, recently refinanced its three senior living communities in the Columbus, Ohio area with a bond financing arranged by Ziegler. This was Ziegler’s first underwriting with The Wesley Communities. The portfolio comprises 668 units of independent living, assisted living, memory care and skilled nursing. However, the obligated group excluded the assisted living, memory care and skilled nursing units at one campus and the AL and MC units at another (260 units altogether) that were financed by HUD. So, the obligated group actually consists of 408 units... Read More »
Evans Senior Investments Heads Back To Green Springs
Less than a year after selling a small independent living community in Green Springs, Ohio, the team at Evans Senior Investments returned to the site to sell the remaining two facilities on the campus, including a facility with 31 skilled nursing beds and 20 assisted living units and a separate 120-bed skilled nursing facility. In May, Evans had represented the court-appointed receiver in the sale of a six-unit IL community, which was the first phase of its exit. Built in phases from 1963 to 2006, the campus had been owned and operated by a second-generation family member for over 30 years, until they decided to sell in 2016 in order to focus on their existing... Read More »
Carnegie Capital Closes Fairfield County Construction Loan
An assisted living/memory care community that broke ground in Fairfield County, Connecticut this Spring (quite a time for that) just received bank financing arranged by JD Stettin of Carnegie Capital. The five-year construction loan totaled $24.5 million, or nearly $190,000 per unit, and came with a low-4% interest rate. At 65% loan-to-value, that puts the construction cost at nearly $37.7 million, or about $290,000 per unit. For Fairfield County, that is about right. Mr. Stettin sourced and structured the loan with a national healthcare-focused bank and a participating regional bank. A major national healthcare developer was the borrower and built the community to include... Read More »Schedule a demo
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