The Freddie Mac/Fannie Mae 2018 Rankings Are In
Fannie Mae and Freddie Mac came out with their 2018 multifamily loan production rankings, showing more than $143 billion in volume was closed across the two agencies. Compared with last year, that resulted in a 3% decrease for Fannie Mae but a 7% increase for Freddie Mac. That’s a lot of capital injected into multifamily assets. Wells Fargo Multifamily Capital placed first for the Fannie Mae list with $8.1 billion in closings, followed by Walker & Dunlop ($6.9 billion) and Berkadia Commercial Mortgage ($6.6 billion). On the Freddie Mac rankings, CBRE came out on top with $13.7 billion in loans closed, with Berkadia ($9.9 billion) and HFF ($7.2 billion) taking second and third.... Read More »
Bridge Investment Group Bags Benton House Portfolio
HFF used all of their Southeast expertise to sell an assisted living portfolio located in Georgia (3), Florida and South Carolina. The communities were previously owned by Principal Senior Living Group (PSLG) and operated under the Benton House brand. They were built between 2014 and 2018 and featured strong occupancy, except for the brand-new South Carolina community that was still in lease-up. Close to a third of the 326 units were reserved for memory care residents. Bridge Investment Group paid approximately $79 million, or over $240,000 per unit, for the portfolio, which will continue to operate under the Benton House brand. Ross Sanders and David Fasano along with senior managing... Read More »
Capitol Seniors Housing’s Latest High-End Development
Always one to develop in affluent, high barrier-to-entry markets, Capitol Seniors Housing is expanding its presence in the New York City metro area with a brand-new assisted living/memory care community in Clarkstown, New York. Situated in the affluent community of New City, the property will feature 80 units upon its completion in early 2020. Atria Senior Living will operate it, drawing on its experience operating similar communities in the tri-state area. Construction costs come in at an approximate $30 million, or $375,000 per unit, which makes sense given the expensive real estate, number of amenities and the high-end finishes. Read More »
Recent Senior Care M&A Deals, Week Ending January 25, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Atlantis Senior LivingAssisted living community in Joaquin CountyN/A Real estate investor4 skilled nursing facilities$29 million Capital Health Group, LLC3 senior living communitiesN/A Ascentria Care AlliancePresentation Rehabilitation and Skilled Care... Read More »
Capital Health Group Kicks Off Northeast Strategy
Nearly a decade on from its last New England acquisition, Capital Health Group added three senior living communities in Rhode Island to its portfolio. The private equity firm has big plans for the properties, expecting to reposition them through $14.9 million in extensive renovations and a change to the programming mix to better meet market demand. Totaling 371 units and 385 beds, the communities currently offer independent living, assisted living and memory care units at locations in East Greenwich, Johnston and Riverside. Capital Health Group’s affiliated management company, Milestone Retirement Communities, will take over operations and oversee the repositioning project. This deal... Read More »
Here Comes Helios Healthcare Advisors
There’s a new brokerage business on the block, and it’s called Helios Healthcare Advisors. Founded by Bill Janis (formerly of Cambridge Realty Capital Companies) and Mario Wilson (from Blueprint Healthcare Real Estate Advisors), the firm just announced its first transaction, a $6.1 million acquisition financing arranged on behalf of a California-based joint venture. With the debt and equity capital (provided by a private, non-bank lender), a Northern California-based operator and Atlantis Senior Living, based in Orange County, California were able to purchase a 145-bed assisted living community in Joaquin County (Bay Area). In addition to the acquisition financing, Messrs. Janis and Wilson... Read More »
Blueprint Arranges Skilled Nursing Portfolio Sale
A Southeast-based real estate investor acquired four skilled nursing facilities and found two operating partners to take on their management, thanks in large part to Steve Thomes and Trent Gherardini of Blueprint Healthcare Real Estate Advisors. Previously owned by an East Coast-based operator, three of the facilities are located in the Boston MSA and one is in eastern Georgia between Atlanta and Savannah. That geographic disparity led Blueprint to find two separate regionally-focused operating groups to enter into two independent leases for the facilities. As a portfolio, the facilities generated more than $2.5 million in EBITDAR on over $29 million of revenues across the 400 beds, for an... Read More »
CBRE’s “Triple-A” Acquisition Financing
Aron Will, Austin Sacco and Adam Mincberg of CBRE helped arrange acquisition financing on behalf of Angelo Gordon & Co. and Auctus Capital Partners to purchase an assisted living/memory care community in Oakland, California. Located in the affluent submarket of Rockridge, this 148-unit community was originally built in 1981 but recently underwent two multimillion-dollar renovations which have made it a top competitor in the area. The first renovation in 2013 converted 30 assisted living units into a dedicated memory care wing, and the second renovation in 2016 (at $4.8 million) saw updates made to the interior and exterior common areas, amenities, units and landscaping. On top of that,... Read More »
HJ Sims Finances Delray Beach Development
A senior living development in Delray Beach, Florida is inching towards opening its doors and just received $51.45 million in bonds to cover lease-up costs and other cash needs, arranged by HJ Sims. The mix of tax-exempt and taxable bonds, including $11.6 million in subordinate tax-exempt bonds, were sold to institutional investors and to Sim’s investors. They featured step-coupons, which would have an initial lower coupon during construction and lease-up and increase to a more traditional, non-rated coupon after that period. Sims also structured an optimal redemption window starting in five years with a mandatory tender of 11 years from closing. The project is sponsor Tuscan Garden’s... Read More »
Seniors Housing & Care Acquisition Stats
The Seniors Housing Acquisition and Investment Report, and the Skilled Nursing Acquisition and Investment Report will be coming soon with better data then ever before. We are closing out the 2018 data for our skilled nursing and seniors housing acquisition market statistics, which will be presented in two separate reports this year, to be released in March. They will be called the Seniors Housing Acquisition and Investment Report, and the Skilled Nursing Acquisition and Investment Report. Let’s just say that with a record number of publicly announced transactions last year, plus the private ones we receive, the quality of the data for this year’s reports is the best it has ever been. It... Read More »Schedule a demo
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