Large Florida CCRC Secures Bond Financing
Ziegler announced the closing of the Series 2024C bonds for The Christian and Missionary Alliance Foundation, d/b/a Shell Point Retirement Community. Shell Point currently comprises 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds on 700 acres in Fort Myers, Florida, across seven neighborhoods: The Island, Palm Acres, The Woodlands, Eagles Preserve, The Enclave, The Estuary and Waterside. Shell Point will use the proceeds of the Series 2024C bonds, together with other funds, to construct a “Town Center” for the community in the Island neighborhood. It will be used to house Shell Point’s administration building and its current Island amenities, as... Read More »
National Healthcare System Exiting Industry
Evans Senior Investments facilitated the sale of a seniors housing community in the Dallas-Fort Worth, Texas MSA, on behalf of a national healthcare system exiting the industry. The buyer was a regional owner/operator with an existing footprint in Texas. Built in 2013 and expanded in 2019, Three Forks Senior Living of Forney comprises 60 assisted living and 20 memory care units in Forney, Texas. At the time of marketing, the community was 65% occupied, entirely private pay and generated $2.89 million in annual revenue. However, it faced several operational challenges that resulted in a low NOI. Read More »
PGIM Acquires Class-A Community in Florida
Berkadia announced the sale and financing of a Class-A seniors housing community in the Orlando, Florida MSA, Oakmonte Village at Lake Mary. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers represented the seller while Austin Sacco and Steven Muth handled the mortgage banking advisory services. The transaction closed in September. The buyer was a joint venture between PGIM Real Estate and Grand Living. Built in phases between 2009 and 2015, Oakmonte Village comprises 351 independent living, assisted living and memory care units in Lake Mary, Florida. The community sits on 25 acres and spans across one three-story IL building, one three-story AL building, one single-story MC... Read More »
VIUM Capital Secures Second Securitization
VIUM Capital and its joint venture partner Merchants Capital have closed on their second securitization of healthcare commercial real estate bridge loans. The $630 million securitization pool comprises loans that were originated by VIUM and underwritten and closed on the balance sheet of Merchant’s parent, Merchants Bank of Indiana, within the past 16 months. The 21 loans are collateralized by 74 properties across 15 states, including independent living, assisted living, memory care and skilled nursing facilities, and did not see interest rates or terms affected by the securitization. They also have a weighted average loan-to-value ratio of 69% and a weighted average debt yield above... Read More »
Two Texas SNFs Trade
Matthew Alley of Senior Living Investment Brokerage closed the sale of two skilled nursing facilities in Texas. Located 10 miles from each other in Daingerfield and Hughes Springs, the facilities total 175 beds and were previously owned by a local independent owner/operator that is selling its only senior care assets. They were each more than 50 years old. Occupancy was around 60%, and the facilities were operating just under breakeven on approximately $8.35 million of revenues. Both facilities were also enrolled in QIPP which provides for additional revenue not already in the financials. An owner/operator of several facilities in Texas emerged as the buyer, with plans to take... Read More »
Lument Hires Chris Cain
Chris Cain has made the move from Berkadia to Lument, joining the firm as a managing director focused on origination efforts from seniors housing and healthcare clients throughout the United States. Based in Dallas, Texas, he will report to Aaron Becker, senior managing director and head of seniors housing and healthcare production at Lument. Since 2011, Cain has originated over $6 billion in construction, term, and permanent debt. Besides Berkadia, he previously held roles with Commerce Bank and BBVA. Keller Augusta arranged the placement. Read More »
Harrison Street Refinances Class-A Asset
CBRE secured the refinancing for a seniors housing community in the Austin, Texas MSA, on behalf of Harrison Street. Aron Will and Tim Root handled the transaction, securing a five-year loan from a life insurance company. Built in 2018, The Village at the Triangle features 208 independent living, assisted living and memory care units. Upon opening, the community leased up to 94% in just 23 months, averaging eight net move-ins per month. Occupancy in 2021 was 97% and grew in 2022 and 2023 to 100%. Occupancy as of September is 100% with a lengthy waitlist. The community is currently operated by The Aspenwood Company. Read More »
Ziegler Closes Multi-Part Financing
Ziegler closed a bond financing and taxable term loan to finance EveryAge’s acquisition of Providence Place, a rental CCRC in High Point, North Carolina. EveryAge, formerly United Church Homes and Services, is a not-for-profit corporation organized in 1961 that owns nearly 1,000 units. With the acquisition and an upcoming development project, its unit count will rise above 1,400. EveryAge also provides management and certain other administrative services to seven corporations operating 252 housing units for low-income seniors (HUD 202 communities) and two PACE programs. The organization is currently developing a 95-unit independent living community located in Hickory, North Carolina.... Read More »
Silver Wave Capital Announces First Acquisition
Silver Wave Capital, a newly formed private investment firm set to take advantage of value-add opportunities in the seniors housing M&A market, has announced its first closed acquisition. The deal included a 116-unit assisted living/memory care community in Naples, Florida. We understand the property was around 20 years old and was not stabilized. It was also being sold by a REIT owner. Blueprint’s Brooks Blackmon, Kyle Hallion and Lauren Nagle handled the transaction. Cory Wake and Elan Ruggill of Silver Wave Capital made the acquisition through a joint venture with its co-GP partner Persimmon Ventures, an established seniors housing investment firm that is run by Stephen Bellone. The... Read More »
Protea Refinances Class-A Asset
JLL Capital Markets arranged a $35 million construction-takeout refinancing for a seniors housing community in California. Built in 2019 and expanded in 2021, Ocean Hills Senior Living comprises 216 units in Oceanside. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank. Ocean Hills offers a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. The AL/MC phase of the property was delivered in 2019, with the IL portion opening in 2021. Initially hampered by the pandemic, occupancy rates have steadily increased. The campus reached initial stabilization in Q4:23. There was... Read More »Schedule a demo
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