Chicago Pacific Founders Announces Arizona Acquisition
After three straight acquisitions in Florida, Chicago Pacific Founders has added another Sunbelt property to its portfolio, this time in Arizona. The Tucson community features 107 units of assisted living and memory care and a host of amenities, including a movie theater, bistro, sunrooms, sports lounge, hydro massage therapy, putting green, resident garden and dog park, to name just a few. It also boasts views overlooking the Catalina Mountains. Willis Development, in partnership with Dekel Capital, opened the community in mid-2018. Dekel Strategic Investors provided $8.4 million in equity and East West Bank provided a $17 million... Read More »
Ziegler Helps Finance Pennsylvania CCRC’s Expansion
Ziegler closed nearly $40 million in financing for a not-for-profit CCRC client in Palmyra, Pennsylvania, securing both institutional investor and bank support for the transaction. After originally opening the community in 1979, Lebanon Valley Brethren Home, dba Londonderry Village, is planning on expanding on a portfolio of a 40-acre tract of farmland it already owned south of the campus. It currently features 374 independent living units, 38 personal care/assisted living units and 88 skilled nursing beds, but the project would add 35 new IL units in 11 cottages/townhouses and two 12-unit buildings. There would also be a sales office and clubhouse added to the site. To fund the... Read More »
Two More HUD Deals From Greystone
Greystone announced its latest HUD activity with two loan closings for senior care facilities. The larger deal saw Fred Levine arrange a $24.9 million refinance for a 120-bed skilled nursing facility in Yonkers, New York. Built in 2000, it offers a certified respiratory and ventilator unit and also provides a range of services including short-term rehabilitation, occupational, physical and speech therapy, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, dedicated Alzheimer’s and dementia care units, as well as stroke and traumatic brain injury rehabilitation. L&A RE Acquisitions, LLC acquired the facility in 2015 for... Read More »
ORIX Corporation USA Makes Preferred Equity Investment
A joint venture is developing a seniors housing community in Texas thanks to a preferred equity investment completed by ORIX Corporation USA’s Municipal and Infrastructure Finance business, led by Rob Wetzler. The actual investment amount was not disclosed, but it will help fund the construction and start-up costs of a 103-unit seniors housing community in Aledo (Fort Worth area). Civitas Senior Living, a developer, owner and operator of over 40 communities across the southern United States, and Journey Capital, a Dallas-based asset manager focused on seniors housing development and acquisitions, are responsible for the project. This will be Journey’s seventh... Read More »
Dwight Capital Refinances Twin Cities Community
Dwight Capital provided a HUD refinance for a senior living cooperative in Richfield, Minnesota, a Twin Cities suburb. Built in 2000, the community features 157 units in 12 stories and sits on a 1.7-acre site. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight Capital originated the transaction on behalf of the undisclosed borrower, providing a $22.2 million, or $141,400 per unit, loan for the property. The debt replaces a previous HUD loan and extends the borrower’s term. Read More »
Is Home Care The Answer?
The move toward more home health is upon us, and it is time for providers to engage. If President Biden’s $2.1 trillion “stimulus” bill goes through, you all have heard about that $400 billion for home and community-based services. Not $400 million, but billion. When nearly 20% of a so-called stimulus package is going towards home and community-based care, well, forgive me for getting nervous. It is the progressive political/academic/union complex trying to make a major change in care for the elderly, but with borrowed federal funds. We know that Medicaid doesn’t work well for most nursing homes, and that most assisted living providers want to remain private pay. That means there is... Read More »
Senior Care Centers/Abri Health Go Chapter 11
On April 16, both Senior Care Centers and Abri Health Services filed for Chapter 11 bankruptcy protection. This is the second time in a little more than two years that Senior Care has filed for BK. In March 2020, Senior Care debtors emerged from bankruptcy (great timing), and as part of the reorganization, Abri Health was formed as the parent company of the Senior Care debtors and became a co-tenant and co-obligor with Senior Care under LTC Properties’ master lease. The master lease includes 11 skilled nursing facilities in Texas with approximately 1,400 beds. LTC’s annualized revenue from the leases is about $15.0 million, representing 9.6% of LTC’s... Read More »
CBRE Returns to Seattle Area For Portfolio Refinance
CBRE Senior Housing arranged a refinance for a portfolio of four senior living communities in the Seattle, Washington area. A joint venture between Capitol Seniors Housing and The Carlyle Group originally acquired the portfolio in 2016. Featuring a mix of independent living, assisted living and memory care services, with 368 units in total, the properties are located on in-fill sites in affluent submarkets. They average around 25 years in age. MBK Senior Living took over operations from Merrill Gardens after the 2016 acquisition and has overseen some significant capital improvements across the portfolio. Five years ago, CBRE arranged more than $60 million in acquisition/renovation... Read More »
Northland Networks Funds Louisville-Area Construction Project
Northland Networks announced that it provided construction debt for a seniors housing project in an Indiana suburb of Louisville, Kentucky. We learned a couple of weeks ago of Monarch Advisors’ involvement in the deal, with Alec Blanc sourcing the loan. Denton Floyd Real Estate Group is responsible for developing the community, which is one of several senior living projects it has planned in the Louisville area. This community will feature 115 assisted living and 16 memory care units, all private pay. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory care. Vitality Senior Services, an... Read More »
Avanath Capital Management Adds Another Orange County Community
Private investment firm Avanath Capital Management made its second acquisition of the year in the senior apartments sector, adding another Orange County, California property to its roster. The deal included a 261-unit community in Anaheim that was built in 2001 with seven garden-style buildings. Occupancy was near 100%. Seattle-based Security Properties purchased the property in 2015 for $52 million, or $199,200 per unit, and 2020 financial documents show net operating income of $3.4 million. Now, they are selling the community for $87.5 million, or $335,250 per unit. Avanath plans on investing in capital improvements, including renovating the clubhouses and community... Read More »Schedule a demo
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