Class-A Seniors Housing Community Avoids Foreclosure
JLL Capital Markets announced that it has completed the sale of HarborChase Wellington Crossing, a 134-unit, Class-A seniors housing community in Wellington, Florida. The seller was SGD Wellington Cross LLC, which is affiliated with Silverstone Senior Living, and the property changed hands through a deed in lieu of foreclosure, according to South Florida Business Journal. The deal was valued at $23.5 million, or $175,400 per unit, based on the outstanding balance of the in-place mortgage. Three years ago, MidCap Financial had refinanced the property with a $25 million floating-rate, first mortgage loan. Today, MidCap is providing a new $17.7 million floating-rate first mortgage loan to... Read More »
CON Sale Closed in North Carolina
Senior Living Investment Brokerage facilitated two sales of CONs (Certificate of Need) for adult care beds in North Carolina. An international holding company was looking to sell the CON and deploy capital into other businesses. The deal included 100 adult care beds in Wake County and 120 beds in Mecklenburg County, all of which were affiliated with seniors housing assets that were voluntarily closed. The buyer was a national developer/operator looking to expand their footprint within North Carolina. Patrick Burke, Jason Punzel and Vince Viverito of SLIB handled the transaction. Read More »
Joint Venture Secures Refinance in Florida
BWE secured a refinance for a Class-A senior living community in Florida. The sponsor is a joint venture between Meridian Senior Living and Buvermo Investments Inc. Managed by Meridian, Gentry Park Orlando has a 92-unit independent living building and an 84-unit assisted living and memory care building. The independent living community, which features one- and two-bedroom units, achieved stabilization in less than a year, and is currently at 98% occupancy. The assisted living community offers studio, one-, and two-bedroom units. Taylor Mokris secured the five-year bridge loan, which has a competitive floating rate, two years of interest-only payments, a structured earnout, flexible... Read More »
Third Quarter Investor Call
The Third Quarter Investor Call, sponsored by NewPoint Real Estate Capital and moderated by Ben Swett, Managing Editor of The SeniorCare Investor, featured a panel of lending experts who offered their capital markets advice to borrowers in several different scenarios: M&A deals, refinancing troubled assets, the costs of construction lending today, and more. The panel included Nick Gesue, CEO of NewPoint, Zach Britton, Director – Originations of Locust Point Capital and Matthew Whitlock, Head of Senior Housing Investments of Berkshire Residential Investments. Read More »
Sherman & Roylance Handles California Leasehold Transaction
Sherman & Roylance arranged a successful leasehold transaction for a 144-bed skilled nursing facility in Santa Cruz, California. The transaction allowed the landlord to diversify its portfolio and the new operator to expand its footprint in the California market. The facility, originally built between 1967 and 1970, currently operates at 70% occupancy. It attracted interest from several potential tenants before a new lessee emerged as a pair of an experienced skilled nursing operator and a businessman. They formed a new operating company to acquire the facility and are looking to grow along the West Coast. The leasehold transaction was structured as a long-term, triple-net lease... Read More »
Dwight Capital’s Recent Activity
In September, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed $279.7 million in real estate financings. Notable transactions included three separate HUD loans; a skilled nursing facility in New York, and a skilled nursing portfolio in New Hampshire. Dwight closed a $61 million HUD 232/223(f) refinance loan for a 250-bed skilled nursing facility in New York. The facility recently underwent comprehensive renovations, including updates to resident rooms, corridors, therapy areas, kitchens and public spaces. The transaction was handled by Adam Offman. Offman also originated a $39 million HUD 232/223(f) refinance loan for a SNF and a senior living community in... Read More »
Joint Venture Acquires and Secures Financing in Maryland
Berkadia announced the sale and financing of an active adult community in Annapolis, Maryland. Built in 2002, Gardens of Annapolis features 106 units with 42-one bedroom/one-bathroom units, 23 two-bedroom/one-bathroom units and 41 two-bedroom/two-bathroom units. The property has been well-maintained over the last 20 years as a result of consistent capital investment, and has a history of high occupancy and steady performance. The transaction closed October 11, with Berkadia Seniors Housing & Healthcare facilitating both the investment sales and mortgage banking advisory. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers closed the sale on behalf of the seller, Crow Holdings.... Read More »
Newmark Facilitates a Sale and Refinance
Newmark’s Senior Housing Team handled the sale of a seniors housing community in South Carolina. Built in 2021, New Haven at Little River features 154 independent living, assisted living and memory care units in Little River, South Carolina. Totaling 200,000 square feet, it has 89 IL, 44 AL and 19 MC units. No additional details were disclosed, QSL Management announced that it took over management on October 17 and renamed the community The Barclay at Little River. Newmark’s Seniors Housing Team also secured a $140 million cash-out refinance through Freddie Mac for a seniors housing community in Atlanta, Georgia, called Corso Atlanta. Taking out the original construction loan, the package... Read More »
Joint Venture Secures Refinancing
Mesa West Capital provided a joint venture with a loan to refinance a seniors housing community in Montvale, New Jersey. The joint venture comprises AEW Capital Management, Thrive Senior Living and Pike Construction. The five-year, floating-rate $57 million loan is secured by Thrive at Montvale. Built in 2022 by Thrive and Pike, the community features 88 independent living, 83 assisted living and 32 memory care units on 11.5 acres across 214,000 square feet. Read More »
60 Seconds with Swett: What Could Stop the M&A Momentum?
Last week, we recorded our 560th deal of 2024, which breaks the annual record for M&A volume across seniors housing and skilled nursing transactions. And we have more than two months to go. So there can be no dispute that we will set an M&A record this year, and by a large margin. But could 2024 actually end with a whimper? We ask that because the 10-Year Treasury rate, which fell to 3.6% in September, the lowest level in more than a year and a half, is now above 4.2%, or the highest level since July. Much of the optimism at the NIC conference last month hinged on the Fed’s 50-basis point rate reduction in September and the 10-Year rate was at its low then too, but what about now?... Read More »Schedule a demo
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