


PGIM Real Estate Funds AEW/Merrill Gardens Portfolio Purchase
Earlier this week, we reported on the Welltower sale of 10 seniors housing communities to AEW Capital Management and Merrill Gardens Senior Living, and now we have learned that PGIM Real Estate provided the acquisition debt. The partnership buyer obtained a $460 million loan with a seven-year term. There is also a combination of fixed-rate and floating-rate terms. The debt funded both the acquisition and the recapitalization of the 10-property portfolio, which includes a total of 1,507 units of independent living, assisted living, memory care and even some multifamily units. There are also approximately 29,000 square feet of... Read More »
Welltower Portfolio Sold
Since last March, we have been wondering what happened to Welltower’s large sale of a prominent seniors housing operating portfolio of western senior living properties. It would have been the largest deal of the year so far at the original $740 million price, but it fell apart, as we assume many deals did once the coronavirus pandemic unleashed its terror. We had heard through the grapevine that it was still in the market, but it wasn’t until late last week that we saw in some local publications out West that a few of the pieces of the portfolio were closed, according to the local real estate filings, including identifying Merrill Gardens as the operator. That would... Read More »
Capital Health Group and AEW Capital Management Sell Florida Communities
We just learned of the sellers in Sino-Ocean Capital and Meridian Senior Living’s acquisition of two seniors housing communities in Florida. After funding the land acquisition and development of the two communities, Capital Health Group and AEW Capital Management are selling the properties for an undisclosed amount. The deal involved a 106-unit community in Fort Lauderdale built in 2016 and a 132-unit community in Boca Raton just opened last year, both operating under the “Symphony” brand. They were both well occupied. The buyers engaged Capital One to serve as administrative agent for a large multi-purpose financing package. The $108.9 million loan will be used to... Read More »