Not-for-Profit Selects New President and CEO
Sloan Bentley has been selected to serve as President and Chief Executive Officer of Pacific Retirement Services (PRS), a not-for-profit senior living organization based in Medford, Oregon. Bentley’s effective start date will be determined based on the closing of a financial restructuring for her current employer. She has a 40-plus year career in senior living, with extensive experience in the CCRC world. She cofounded Seniority Inc., a wholly owned subsidiary of American Baptist Homes of the West, where for nearly 20 years she provided management, sales and marketing consultation to organizations nationwide. Bentley has held positions of leadership within growing senior living... Read More »
Healthcare REIT Divests SNF to In-Place Operating Partner
Senior Living Investment Brokerage returned to West Des Moines, Iowa, to sell a skilled nursing facility that it had previously sold in 2019. A healthcare REIT was the buyer back then and is now selling the facility to its in-place regional operating partner. Built in 2004, Arbor Springs features 56 beds on an attractive four-acre campus about 10 miles west of downtown Des Moines. Although it is licensed as a skilled nursing facility, it focuses on providing memory care services. Jason Punzel, Nick Cacciabando and Jeff Binder handled the transaction. Read More »
Near-Stabilized AL/MC Community Lands Refinance
Carnegie Capital closed a bridge refinance for a 50-unit assisted living/memory care community in the Houston, Texas MSA. Four years ago, the property was bought by a California-based operator with a growing footprint in Texas. Performance was approximately two to three months from stabilization, but with the acquisition loan maturity looming, a refinance was sought. Carnegie arranged a non-recourse loan for the principals, given the structure of the sponsor’s fund. The loan carries a three-year term, and the borrower has plans to go to HUD in two years. Read More »
Record-Setting HUD Express Lane Application to Commitment
Cambridge Realty Capital provided a $6.15 million loan to refinance Avalon Memory Care Keller, a 50-bed stand-alone memory care community in Keller, Texas (Dallas-Fort Worth MSA). The fully amortized, 35-year HUD loan was provided for the owner, a Texas limited liability company, that wished to recast bank debt into a long-term non-recourse mortgage. Cambridge utilized the Express Lane program to refinance the existing HUD loan, and the application to commitment was issued in a record-setting five calendar days. Read More »
Large Healthcare Owner Receives Financing
An owner of more than 80 healthcare properties spanning nine states secured bridge and working capital financing for its skilled nursing portfolio in Washington. The financing includes a $40 million bridge loan and a $6 million working capital line of credit, with a 36-month initial term. MONTICELLOAM provided the funding. Read More »
Out-of-State Owner Divests to Investor
A couple of assisted living and memory care communities in Eastern Tennessee recently traded hands. The two properties comprise more than 100 units. A Chicago-based investor aligned with the seller’s long-term vision for the communities acquired the assets, and partnered with a regional operator that was looking to grow their presence in the state. Evans Senior Investments handled the sale, representing the out-of-state seller in the deal. Read More »CFG Hit the Ground Running in Q1
Capital Funding Group wasted no time in the first quarter, closing $428.9 million in total financing. The transactions spanned skilled nursing, assisted living, independent living, memory care, behavioral health, multifamily and commercial lending on behalf of nationally recognized borrowers. Some highlighted transactions include: ● A $17.6 million acquisition bridge loan for the financing of a 120-bed skilled nursing facility in Nevada, for an existing client. Patrick McGovern and Ryan Hunsicker originated the deal. ● A $9.0 million HUD loan for the refinancing of a 70-bed skilled nursing facility in Montclair, New Jersey. Tommy Dillon originated the deal. ● $42.9 million in financing for... Read More »
Separate Borrowers Secure Financing
Cambridge Realty Capital announced a couple separate closings. First, the company provided a $4.31 million HUD refinance of Elizabeth Care Center, a skilled nursing facility in Elizabeth, West Virginia. Cambridge utilized HUD’s Express Lane, which enabled the loan application to receive its firm commitment just 18 days after being accepted. According to LevinPro LTC, the facility sold at the end of 2024 to Providence, a not-for-profit, faith-based health care system that had been operating the facility since February 2020. It comprises 36 beds, and was built in 2010 by the seller, Coplin Health Systems. Cambridge Realty Capital also funded $49.67 million in first mortgage financing... Read More »
Blueprint Brings on New Team Member
Blueprint welcomed Peter Trazzera to the team as Senior Director, Capital Markets. Trazzera brings deep expertise in financing solutions and is set to further elevate Blueprint’s capabilities in the sector. He has an extensive background in institutional capital, and is joining following a 12-year tenure as Senior Vice President at KeyBank Institutional Healthcare. During his time at KeyBank, he was involved in providing more than $6 billion of capital in both corporate and project-level financings for REITs, private equity and institutional investors. Prior to KeyBank, Trazzera held senior analytical and strategic roles at Minto Group, Brookdale Senior Living and Horizon Bay... Read More »
High-Priced Sale Closes in Chicago
The bar keeps getting raised for pricing in the seniors housing industry, and we believe a new record has been set for a property sale in Chicago, Illinois. It was revealed that the seven-story Belmont Village Lincoln Park was bought by CBRE Investment Management for approximately $151 million, according to property tax records. Based on a lower unit count than the original 149 units that were developed, after some unit combinations over the years, that equates to around $1.2 million per unit, or possibly even higher than that. In addition to its prime location adjacent to a mixed-use development in the Lincoln Park neighborhood, the community was relatively new (built in 2019), and... Read More »Schedule a demo
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