Recently Rebranded Senior Living Community Refinances
Having just undergone a renovation and a rebranding, an assisted living/memory care community in Dallas, Texas obtained a first mortgage loan, courtesy of MidCap Financial. The borrower for the $6.25 million floating-rate loan was a joint venture between private equity firm Artemis Real Estate Partners and Fort Worth-based operator Civitas Senior Living. Read More »
CBRE Does Deal Double
The CBRE National Senior Housing group flexed its muscles this week, closing two acquisition financings and an asset sale. First, Lisa Widmier represented HCP in its divestment of a 159-unit independent living/assisted living community in Beaumont, Texas, for an undisclosed price. Featuring a majority of independent living units, the community was built in 1996. Under management by Atria Senior Living, it was 93% occupied as of February. Chicago Pacific Founders stepped in as the buyer, through its affiliate CPF Living Communities, and hired Grace Management to operate. Then, in comes CBRE’s Aron Will, who secured a seven-year floating rate loan, with 24 months of interest only, through... Read More »
MidCap Financial Finances Georgia Portfolio Acquisition
Lawrence “Lory” Brin of MidCap Financial recently helped facilitate Artemis Real Estate Partners and Allegro Senior Living’s acquisition of three Atlanta-area assisted living communities by arranging an $18.25 million loan. The floating rate first mortgage will also enable the buyers to reposition the communities and invest $7 million of capital improvements to renovate the exteriors, common areas and unit interiors. Built from 1998 to 2000, the communities are located in Buckhead (46 assisted living and 22 memory care units), Alpharetta (48 AL and 24 MC units) and Marietta (28 AL and 27 MC units). The deal marks Allegro Senior Living’s entry into the state, and the company will also... Read More »Schedule a demo
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