Newmark Sells Connecticut Community

Newmark Sells Connecticut Community

Newmark Knight Frank closed on a large senior living community in Farmington, Connecticut a few weeks before the COVID-19 pandemic let loose in the Northeast. The community was built in 2015 and has 89 assisted living and 45 memory care units for a total of 134 units. Occupancy was at 97% when it went to market, which is fantastic in any market.   Assisted living rates average about $4,100 per month plus care levels, while memory care rates range from $5,600 for a shared room to $7,700 for a private studio. Based on that, we have estimated revenues to be just above $8.0 million assuming occupancy has remained high. Farmington is one of the nicest towns in the middle of the state with a... Read More »
Cushman & Wakefield Refinances Southwest Florida CCRC

Cushman & Wakefield Refinances Southwest Florida CCRC

Cushman & Wakefield Senior Housing Capital Markets, in collaboration with Bridge Structured Finance, successfully refinanced a large CCRC in Venice, Florida (near Sarasota) on behalf of its owners, joint venture partners Bridge Investment Group and Freedom Management. Over four years ago, C&W originally arranged a $52 million secured term loan and a revolving line of credit from Capital One to both recapitalize the property and provide for future renovations. Built in phases from 1999 to 2015, the property currently features 436 independent living, 19 assisted living and 36 memory care units across four main buildings, in addition to 47 separate villas. Residents have both... Read More »
Bridge Investment Group Bags Benton House Portfolio

Bridge Investment Group Bags Benton House Portfolio

HFF used all of their Southeast expertise to sell an assisted living portfolio located in Georgia (3), Florida and South Carolina. The communities were previously owned by Principal Senior Living Group (PSLG) and operated under the Benton House brand. They were built between 2014 and 2018 and featured strong occupancy, except for the brand-new South Carolina community that was still in lease-up. Close to a third of the 326 units were reserved for memory care residents. Bridge Investment Group paid approximately $79 million, or over $240,000 per unit, for the portfolio, which will continue to operate under the Benton House brand. Ross Sanders and David Fasano along with senior managing... Read More »

Cushman & Wakefield Has Banner Month

Last week we reported on the sale of a CCRC in North Carolina where Cushman & Wakefield represented the seller. Now, the C&W Boston office has closed on two additional senior living properties in high-value transactions. The first one involved the sale of a 290-unit retirement community in Lantana, Florida, known as Carlisle Palm Beach. It has 144 independent living units, 90 assisted living units and 56 memory care units with average occupancy above 90%. It was built in 1999 and converted in 2014 to a full continuum IL/AL/MC community. Over the past five years the sellers spent $10 million converting IL units to AL. The sellers were affiliates of Senior Lifestyle Corporation and... Read More »