JLL Arranges Financing for IRA Capital
JLL Capital Markets arranged $58 million in financing for Quail Park of Lynnwood on behalf of IRA Capital. Developed in two phases in 2014 and 2020, Quail Park comprises 252 units and sits on 15 acres in Lynwood, Washington. Alanna Ellis, John Chun and Zach Brantley of JLL placed the three-year, floating-rate senior loan with a regional bank. We believe the regional bank was BMO, as BMO’s Healthcare Real Estate Finance group announced it closed a $58 million term loan with IRA Capital related to a 252-unit seniors housing community in Lynwood, Washington. Dean Ferris of JLL sold the property to IRA Capital in June. Read More »
ACTS Secures Bond Financing
Ziegler announced the closing of ACTS Retirement-Life Communities, Inc. Obligated Group’s $163.1 million Series 2025 tax-exempt bonds for the Senior Living Finance Practice. The $100.17 million of Series 2025A tax-exempt bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania) and the $62.93 million of Series 2025B tax-exempt bonds were issued through the Palm Beach County Health Facilities Authority (Florida). ACTS is a Pennsylvania-based not-for-profit organization that was founded to own/operate CCRCs. It currently operates 28 communities in nine states with more than 10,000 units, including communities inside and outside of the ACTS... Read More »
Integrated Senior Foundation Secures Major Bond Financing
JLL recently handled two separate financings in Arizona/California and Minnesota. First, JLL and HJ Sims arranged $239.68 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation – Ativo Portfolio, a three-property seniors housing portfolio totaling 430 units in Arizona and California. Due for completion in 2027, Avito of Sundance will offer 207 units (102 independent living units, 75 assisted living units and 30 memory care beds) in Buckeye, Arizona. Built in 2021, Ativo of Yuma comprises 55 assisted living and 24 memory care units in Yuma, Arizona. Scheduled for completion in 2026, Avito of Santa Clarita will feature 144 units (51 independent... Read More »
Diversified Healthcare Trust Closes Financing
Diversified Healthcare Trust closed a $140 million mortgage financing secured by 14 seniors housing communities in nine states with 1,375 units that are managed by Five Star Senior Living, an operating division of AlerisLife Inc. This non-recourse, three-year loan has an initial maturity date of March 31, 2028, and two one-year extension options, subject to certain conditions. DHC intends to use the loan proceeds to redeem a portion of its outstanding 9.75% senior notes due 2025. The loan has a variable interest rate based on SOFR plus a margin of 2.5% per annum with 24 months of interest-only payments and two six-month extension options of the interest only period, subject to... Read More »
Brookdale Secures Acquisition Financing
CBRE arranged two acquisition financings totaling $241 million across two seniors housing portfolios on behalf of Brookdale Senior Living. Aron Will and Matthew Kuronen arranged the two financings. CBRE originated $130 million in loans through its Freddie Mac Optigo loan origination program for Brookdale’s acquisition of five communities comprised of 533 independent living, assisted living and memory care units across four states. The non-recourse mortgage financing has a ten-year term with five years of interest only. CBRE sourced $161 million through a three-year floating rate loan from Ally Bank, an existing Brookdale lender, including a combination of new loan proceeds and the... Read More »
Blackstone Sells Wisconsin Asset
Newmark followed up on its closing of Carlisle Palm Beach with the sale of Harbour Village, a well performing seniors housing community in the Milwaukee MSA. Located in Greendale, Wisconsin, the community features 142 independent living, 38 assisted living and 44 memory care units separated across three buildings. The majority (82%) of IL units are two-bedroom apartments, and a plurality of AL units (40%) also have two bedrooms. The community was built from 1988 to 1999 and subsequently renovated in 2017 and 2024, with occupancy surpassing 90% as of October 2024. It also generated a near-40% operating margin. There are an additional 1.25 acres available for an expansion opportunity.... Read More »
Marcus & Millichap’s Recent Activity
Michael Mooney and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap sold a seniors housing community in Bellingham, Washington. Built in 1978, the community comprises 66 assisted living units and 70 beds. It was not stabilized, although there was some positive cash flow and occupancy was in the mid-80s. The deal was initially marketed more than a year ago, and Stahler and Mooney eventually secured the best bid from a regional operator with a pre-existing footprint in the Bellingham market. The improving capital markets, operating and M&A environments across that period helped push that final purchase price up, as well. No additional details were disclosed. In another... Read More »
Newland Realty Capital Closes First Deal
Newland Realty Capital, a healthcare real estate advisory and investment firm founded by Kayne Anderson veteran Max Newland in 2024, announced its first acquisition for a large community in Lantana, Florida. Known as Carlisle Palm Beach, the community was originally built in 1999 with 290 independent living, assisted living and memory care units. It has traded a few times over the years, passing from Starwood to AEW and more recently (in 2017 according to LevinPro LTC) to Bridge Investment Group. Since that acquisition, Bridge has invested in significant capex and had its affiliate Bridge Senior Living take over operations in 2023. It currently features 277 units, with a majority serving... Read More »
60 Seconds with Steve Monroe: Here We Go Again
Investigate, investigate, investigate. Regulate, regulate, regulate. Why not assist? Why not help? Why not try to understand? Liz, Ron and Kirsten, of U.S. Senate fame, have asked the GAO to investigate the assisted living industry and to see if federal oversight is needed. Really? Are we going down this road again? How did that work out for the nursing home industry? As we know, the assisted living sector is predominantly private pay, unlike nursing homes, but the senators are using information from state Medicaid agencies to back up their claims. I suppose I could see them investigating any assisted living community that is receiving Medicaid funds to make sure the money is wisely spent,... Read More »
New Buyer Enters Seniors Housing
A privately held REIT focused primarily on private pay seniors housing communities throughout the U.S. engaged Blueprint in the sale of its seniors housing community in Bloomfield, Michigan. Michael Segal, Brooks Blackmon, Daniel Waldhorn and Lauren Nagle handled the transaction. Built in 2001 with significant renovations starting in 2015, the community features 81 independent living units and offers assisted living care services as well as respite stays. It appears to be Comfort Cove Premier Senior Living. Showcasing operational upside through occupancy improvement and rental rate growth, Blueprint’s process resulted in an attractive offer from a local home health care provider,... Read More »Schedule a demo
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