CBRE Secures Bridge Financing For Two Communities
CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities. Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at Whitehall, built in 2018, is in Pittsburgh and comprises 127 independent and assisted living units. Both communities are currently managed by Grace Management, CPF LC’s wholly owned management affiliate. Read More »
G Capital Markets Closes Cash-Out Recap
G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over 40% and occupancy at 90%. Few today can boast numbers like those. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout refinancing, while allowing the borrower to submit a HUD application in 2024 without the need to wait for the typical two years of debt seasoning. GCap arranged the $15.5 million... Read More »
Cambridge Arranges Conventional Loan
Cambridge Realty Capital Companies arranged a $5.95 million conventional loan for the acquisition of Twilight Haven Senior Living, in Fresno, California. Brent Holman-Gomez, Cambridge Senior Vice President, handled the transaction. A California limited liability company obtained the fully-amortized, 25-year loan, which was underwritten by a Utah-based industrial bank. Previously owned by a not-for-profit organization, Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program. However, the selling operator was in bankruptcy, and the... Read More »
Commonwealth Acquires in Michigan
Commonwealth Senior Living recently acquired a seniors housing community near Grand Rapids, Michigan. This marks the third community for Commonwealth in the Grand Rapids area. Redico and American House Senior Living Communities purchased the community in January 2020. Built in 2015 and formerly known as American House Wyoming, the community comprises 102 assisted living and memory care units in Wyoming, Michigan. It was developed by Granger Group originally as First & Main at Metro Health Village. It will be rebranded as Commonwealth Senior Living at North Byron. Commonwealth intends to renovate the community, primarily focusing on enhancing the memory care portion. Read More »
Utah’s Meridian Heights Finds New Owner
Orion Real Estate Partners acquired a seniors housing community in Utah from Tablerock Capital. Built in 1998, Meridian Heights features 96 units in Sandy. The units comprise one- and two-bedroom floor plans that range from 838 to 1,004 square feet. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction. In 2022, the asset became subject to a $4.5 million CMBS loan from Citibank, originated by Berkadia Commercial Mortgage, according to Yardi Matrix data. The note carries a 2029 maturity and a 5.95% fixed interest rate. The community last traded in 2019. Read More »
Two Class-A Communities Sell around D.C.
The Newmark Seniors Housing team facilitated the sale and equity raise for two Class-A seniors housing communities in the Washington, D.C. metro area. They worked on behalf of the sellers, Harrison Street and Palomino Capital, a middle market investment bank. Thrive Senior Living had developed the communities in the late-2010s to include 140 units, each. Built in 2019, Tribute at Melford comprises 104 assisted living and 36 memory care units in Bowie, Maryland. While Tribute at The Glen was built in 2017 with 96 assisted living and 44 memory care units in Woodbridge, Virginia. Cogir had taken over operations at both locations in recent years. We heard that the properties were... Read More »
Seven Properties Sell in Missouri
Eads Investment Brokerage facilitated the sale of seven seniors housing communities in and around Saint Louis, Missouri. Patrick Byrne, who has sold 23 communities in Missouri since 2022, handled the transaction. First, Eads represented a regional owner/operator downsizing to focus on its core markets in the sale of a 96-bed skilled nursing facility with a mostly Medicaid census in Saint Peters. It was operating well and sold for approximately $5.4 million, or $63,000 per bed. Turnover at key leadership positions largely accounted for post-pandemic census and regulatory challenges. The facility averaged 73% census in 2023, producing $5.5 million in revenues, and it was trending... Read More »
SLIB Closes in Jacksonville
Senior Living Investment Brokerage closed the sale of Rosecastle of Deerwood, a memory care community in Jacksonville, Florida. Built in 2015, the community was originally designed as stand-alone memory care with 60 units, back when that care type was all the rage to build. But due to slower-than-expected lease-up, the operator decided to convert 20 of the units into assisted living. The operations improved significantly throughout the marketing process. SLIB’s Brad Clousing and Daniel Geraghty worked with the seller, a seniors housing and healthcare-focused REIT, to procure multiple offers. Ultimately, a Florida-based owner in a 1031 exchange was selected as the buyer, for an undisclosed... Read More »
Flatirons Divests in Colorado
Benchmark Commercial Real Estate was brought on by Flatirons Health Development, LLC. in its divestment of a skilled nursing facility in Colorado. The facility was previously operated by Axiom Healthcare Services. This was its only managed facility in Colorado, with all others in Kansas. The buyer is a local owner/operator that intends to occupy the building with a use compatible with the existing configuration. Built in 2016 by Neenan Archistruction, Flatirons Health and Rehabilitation features 48 beds. It comprises 43,391 square feet and sits on 2.6 acres in Louisville. The property sold for $9.85 million, or $205,000 per bed. Marketing began in 2023 during the difficult capital markets... Read More »
Two SNFs Secure Bridge-To-HUD Debt
Capital Funding Group announced the execution of $16.25 million in bridge-to-HUD financing for the acquisition of two Utah skilled nursing facilities totaling 220 beds. The buyer is nationally recognized, and this marks its entrance into the state. Tommy Dillon originated the transaction. The financing follows CFG’s announcement of the closing of a $12 million bridge loan for a Florida skilled nursing facility comprising 109 beds. The buyer is converting it to a drug and alcohol rehabilitation facility. Read More »Schedule a demo
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