CBRE doubles down
CBRE pulled double duty with its last transaction, arranging and funding an acquisition of a 76-unit assisted living/memory care community in the Philadelphia area. Lisa Widmier and Matthew Whitlock handled the sale on behalf of the previous owner. This was built in 2013 at a cost of about $250,000 per unit, and a joint venture between Sage Senior Living and an institutional partner acquired it for just over $400,000 per unit. Aron Will arranged a non-recourse, five-year floating-rate loan, with 36 months of interest only, from a regional bank. Sage Senior Living will take over management. Read More »Grandbridge hits the Town…Village
It was recently announced that Grandbridge Real Estate Capital closed $125 million in financing to assist in the acquisition of four Town Village-brand independent living communities in four states. A joint venture between Chicago Pacific Founders and Grand Park Capital Management (owned by former Brookdale Senior Living executives John Rijos and Bill Doniger, respectively) was the buyer. According to some media outlets, the properties sold for $180 million, or approximately $220,000 per unit. Grandbridge provided $25 million in supplemental loans and also closed $100 million in assumption loans for existing Fannie Mae debt that Grandbridge had previously originated. Read More »Leaving the Lone Star State
Civitas Senior Living is expanding its operations outside of Texas for the first time, as it is set to break ground on a senior living community in Louisville, Kentucky. Civitas has been one of the more active developers/acquirers in Texas (and that’s saying something). In 2015 alone, the company opened five new assisted living/memory care communities, and, after forming a new post-acute care division, also acquired two skilled nursing facilities plus an assisted living community in the town of Jefferson, Texas. Then, at the beginning of 2016, Civitas purchased two former Brookdale Senior Living properties in Harlingen, and currently has four communities set to open soon in Texas. After... Read More »
Big news from Brookdale
The “big” news in the seniors housing market was the announcement at the end of July that Brookdale Senior Living (NYSE: BKD) had entered into an agreement to sell 44 properties with 1,874 assisted living and 579 memory care units located in 12 states. The price is about $252.4 million, which comes to $102,900 per unit. Brookdale had previously announced plans to sell between 50 and 100 properties, and with this deal they are well on their way to accomplishing this goal. Since they would not be selling their best performing assets, it makes sense that the pricing would be well below the 2015 average price of $189,200 per unit, but it was also well below the lower quartile price of $141,000... Read More »Schedule a demo
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