60 Seconds with Swett: Welltower Continues To Climb
The Welltower juggernaut just keeps on rolling, as another great earnings report sent shares up by more than 4.7% from their previous close to a new record high of $165.87 as of this filming. Its market cap pushed well beyond $100 billion, solidifying the REIT’s position as our industry’s first $100 billion dollar company. The board of directors may have also surprised a few by declaring a cash dividend for the second quarter of $0.74 per share, or a 10.4% increase from the prior quarter. The REIT is still sitting on approximately $9.5 billion of available liquidity too, including $4.5 billion of available cash and restricted cash plus full capacity under its $5 billion line of credit. So... Read More »
REIT-Affiliated Owner/Operator Divests Non-Core Asset to Private Owner/Operator
Blueprint facilitated the sale of a non-core seniors housing community on behalf of a national, REIT-affiliated owner/operator. The seller was focused on portfolio optimization through the divestiture of underperforming assets. Kyle Hallion, Steve Thomes and Kory Buzin handled the transaction. Built in 1997, this 85-unit/108-bed assisted living and memory care community is in a high barrier-to-entry submarket of the Greensboro, North Carolina MSA, close to multiple hospitals and medical office clusters. Ownership recently invested approximately $1 million in capital improvements, primarily in back-of-house systems. The incoming buyer has the opportunity to add value through interior... Read More »
Chartwell to Purchase Six-Asset Seniors Housing Portfolio in Ontario
Chartwell Retirement Residences has entered into a definitive agreement to purchase a seniors housing portfolio with six purpose-built seniors housing communities across London (three), Dorchester, Waterloo and Mississauga, Ontario, totaling 1,024 units. The communities serve low-acuity seniors and are all 100% private pay. The total purchase price is CAD$432 million (CAD$422,000 per unit), or USD$317.3 million (USD$310,000 per unit). The portfolio includes Riverstone in London, built in 2021 and 2023, with 124 independent living and 135 active adult units. Also in London is Richmond Woods, built in 2007 and 2010, featuring 130 IL and 112 AA units, along with Longworth, built in 2001, with... Read More »
Texas AL/MC Development Receives Construction Financing and Equity Raise
The Newmark Seniors Housing Team handled a $180 million construction financing and equity raise for Nexus Development’s newest community, Vivante at Turtle Creek. Financing was secured through Beal Bank, and the equity was raised from private investors in multiple states, including Texas and California. The seniors housing community will feature 164 assisted living and 29 memory care units on a 1.37-acre plot in Dallas, Texas. The Class-A asset will stand 20 stories tall, and is slated for 2027 completion. The architect is HKS Inc. and the general contractor is ANDRES Construction Services. Read More »
New York SNF Portfolio Secures Bridge Loan
MONTICELLOAM funded a $217 million floating-rate senior bridge loan for a skilled nursing portfolio. The financing carries a 36-month term and supports the sponsor, a repeat client. The loan supports the acquisition and refinance of this portfolio, which comprises four facilities in New York. The sponsor is acquiring two of the assets and financing the other two, which are stabilized. Together, the four facilities comprise more than 1,000 beds. Read More »
Bond Issuance Finances Massachusetts CCRC Expansion
MassDevelopment, Massachusetts’ development finance agency and land bank, issued $134.85 million of tax-exempt bonds on behalf of Lasell Village Inc., a not-for-profit corporation that was formed to establish and operate Lasell Village, an educational CCRC. Lasell Village was the nation’s first seniors housing community to require each resident to commit to a goal-oriented program of education. Located immediately adjacent to the campus of Lasell University, it offers an intergenerational environment. Lasell Village Inc. will use a portion of proceeds to renovate and expand the CCRC. The corporation will fund the purchase of 1.37 acres of land currently owned by Lasell University, where... Read More »
Tremper Capital Group Closes Refinance
Tremper Capital Group, which takes a team-based approach to its transactions, closed a $27.5 million floating rate refinance for a Class-A, 91-unit assisted living and memory care community with strong, stabilized performance. The non-recourse loan featured a seven-year term aligned with the sponsor’s business plan and included a performance-based earn-out. The structure met all of the sponsor’s financing objectives for the asset. The transaction introduced a new lending relationship between a local owner/operator and Live Oak Bank. Live Oak’s track record helped support execution certainty. This deal marked the third seniors housing loan TCG closed with Live Oak in June alone, and... Read More »
Distressed AL/MC Community Trades in Virginia
An institutional real estate investment and development firm engaged Blueprint to conduct a risk/reward analysis of making capital improvements versus divesting its seniors housing community in Richmond, Virginia. Built in 1999, the 99-unit distressed assisted living and memory care community was struggling to rebound from pandemic-era lows, and the fund’s investment horizon was approaching. The seller ultimately elected to divest the community, and in this process Blueprint highlighted the West End submarket’s demand fundamentals and the opportunity to add value through repositioning. Targeting buyer prospects with a presence and/or interest in Richmond, the marketing campaign... Read More »
Dwight Capital Finances Large Portfolio Acquisition
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed a $230 million bridge loan to support the acquisition of a senior care portfolio. The portfolio comprises 19 assets spread throughout Ohio, and, together, they total 1,896 skilled nursing and assisted living beds. In conjunction with the bridge loan, Dwight Healthcare Funding provided a $12 million working capital line of credit to support the portfolio’s ongoing operational needs. The $230 million financing marks DMT’s largest bridge transaction to date. It was originated by Adam Offman, Managing Director of Healthcare Finance, and Yossi Benish, Vice President of Business Development. Read More »
Mid-Atlantic Seniors Housing Community Secures Refinancing
Steven Muth, Austin Sacco and Garrett Sacco of Berkadia Seniors Housing & Healthcare arranged up to $33.1 million in financing for a seniors housing community with more than 150 units in the Mid-Atlantic. The refinance included an initial loan of $28.1 million, providing over $8 million for unit upgrades and common area improvements. Additionally, Berkadia negotiated a $5 million earn-out, which could increase the total loan balance to $33.1 million upon achieving certain coverage metrics. There was significant interest in this loan request, with the financing ultimately being secured through a regional bank. Read More »Schedule a demo
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