Greystone & VIUM Capital Top HUD Rankings
The HUD LEAN rankings for HUD’s fiscal year 2024 ended September 30 are out, and the program saw 220 loans close, totaling nearly $3.2 billion for a nearly 10% increase over FY2023’s total volume. Closings only accelerated in the second half of HUD’s fiscal year, and the next 12 months could see another increase in activity. Topping the charts, both in terms of deals and dollar volume, was Greystone, with 52 deals and $708.3 million of volume. Greystone led the way in FY2023, too, with 39 deals and nearly $700 million of volume, and in FY2022 with 35 deals. VIUM Capital ranked in the second spot in both categories, with 34 deals and $344.8 million of volume. This is a return to the second... Read More »
Public REIT Purchases DE Class-A Community
JLL was engaged by a private equity firm in the sale of its Class-A seniors housing community in Wilmington, Delaware. Harbor Retirement Associates will continue to manage the community for the buyer, a publicly traded REIT. Built in 2018, HarborChase of Wilmington is one of the newest seniors housing communities in the state and is the newest community in its primary market by a substantial margin. It features 64 assisted living units in one- and two-bedroom layouts and 32 memory care units (they are some of the largest units in the market). The community achieves market-leading rents and occupancy and is 100% private pay. The JLL Senior Housing Capital Markets team was led by Jay... Read More »
Chicago Pacific Founders Secures Acquisition Financing
CBRE arranged acquisition financing for The Arbors of Gulf Breeze on behalf of CPF Living Communities. Aron Will and Tim Root arranged a five-year fixed rate loan through the Freddie Mac Optigo lending platform. Built in 2018, The Arbors consists of 132 units with 51 independent living, 58 assisted living and 23 memory care units in Gulf Breeze, Florida, 2,000 feet from Gulf Breeze Hospital (the area’s only five-star hospital and part of the Baptist Health Care network). The community was stabilized and 96% occupied at closing. It will be managed by Grace Management, CPF’s wholly owned management affiliate. Brad Clousing, Daniel Geraghty, Jeff Binder and Jason Punzel of Senior Living... Read More »
Intergenerational Community Secures Refinance
BMO’s Healthcare Real Estate Finance group acted as the lead arranger and administrative agent on a term loan refinancing for an intergenerational community in Minneapolis, Minnesota, on behalf of Harrison Street and Oppidan. Built in 2020, The Pillars of Prospect Park comprises 282 independent living, assisted living, memory care and student housing units. The community also features a child-care/learning center with capacity for about 100 children. Ebenezer manages the community. This was the fifth community developed together by Oppidan and Ebenezer. In August, Berkadia announced its role in arranging the refinance of The Pillars. To take out an existing construction loan, Austin Sacco... Read More »
Standalone Memory Care Community Trades in Colorado
Blueprint facilitated the sale of a standalone memory care community in a part of Colorado with limited local competition and affluent wealth demographics. Built in 2016, the community comprises 50 private studio apartments with in-unit bathrooms in Grand Junction. At the time of marketing, it had demonstrated strong upward trending performance with occupancy approaching 84%, allowing an incoming owner/operator to continue the positive momentum and capitalize on future rate growth and expense efficiencies once stabilized. Amy Sitzman, Scott Frazier and Giancarlo Riso handled the transaction. Blueprint targeted regional and national memory care-specific owners and operators, which yielded... Read More »
Convivial Secures Bond Financing
Ziegler announced the closing of Convivial St. Petersburg, LLC’s Series 2024 revenue bond anticipation notes. The Series 2024 notes are comprised of $23.4 million of tax-exempt Series 2024A notes sold publicly to institutional investors and a total of $6 million of subordinate tax-exempt and taxable notes purchased by an affiliate of the developer and manager of the project. Convivial will use the proceeds of the Series 2024 notes to fund the land acquisition, certain pre-development expenditures and marketing costs of a planned CCRC on 5.27 acres in St. Petersburg, Florida. The CCRC is anticipated to consist of two residential buildings with 170 independent living units, 48 assisted... Read More »
Kauhale Health Acquires in Ohio
A growing owner/operator added another community to its portfolio in Ohio. Kauhale Health acquired Symphony Centerville, a 60-unit memory care community in Centerville, Ohio, a suburb of Dayton. Built in 2016, the community has 57 private and three shared units, and exclusively caters to private pay residents. There are also amenities like a great room with fireplace, community theater, large exterior courtyard with walking/patio areas, a spa, resident gardens, rehab spaces and aromatherapy. We understand the property improved its occupancy and operating margin significantly since the pandemic, but there is still some room for improvement. Kauhale Healthcare Real Estate, an affiliate of... Read More »
NHI Makes Largest Purchase Since 2020
The publicly traded REITs seem to be some of the most obvious group of investors to take advantage of the attractive buying opportunity in seniors housing today, but so far, Welltower has hogged most of the spotlight. That is unsurprising, given Welltower’s size. And the smaller REITs saw few portfolio deals on the market in the last year, instead having to acquire properties in piecemeal. However, National Health Investors has announced its largest deal since 2020, acquiring 10 assisted living/memory care communities in North Carolina for $121.3 million, or $232,400 per unit. Blueprint originally marketed two communities on behalf of the joint venture owner, but the deal eventually... Read More »
Brookdale’s Still Lagging
After Brookdale Senior Living finally topped 80% in month-end occupancy in August, reaching 80.4%, the company reported 80.5% in month-end occupancy for September, indicating weaker momentum going into Q4 compared to prior years. We said improvements would need to be maintained through Q4 to head into the winter/flu season in a strong position. So far, the company is, unfortunately, only maintaining, with just a 10 basis point increase from August to September. Brookdale also reported a Q3 average occupancy of 78.9%. Yes, this is an 80-basis point increase quarter over quarter and a 130-basis point increase year over year, but it is typical to see senior living occupancy grow the... Read More »
Live Oak Closes Three Bridge Loans
Live Oak Bank has been actively lending this Fall, so far, announcing three closings in recent weeks. The bank first closed a $13.5 million bridge loan for Bakerson Companies. The bridge-to-agency loan features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to recapitalize part of the all-cash purchase of a 172-unit independent living, assisted living and memory care community earlier this year in the Charlotte, North Carolina MSA. Also in September, Live Oak closed a $47.5 million bridge loan for a Florida-based seniors housing owner. The loan provides bridge-to-sale financing and features a three-year initial term, 24 months of interest-only... Read More »Schedule a demo
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