KeyBank Closes Two Fannie and Freddie Financings
Charlie Shoop of KeyBank Real Estate Capital has been hard at work arranging two financings from two different agencies. First, through Freddie Mac, Mr. Shoop originated a $26 million loan to facilitate the acquisition of a 175-unit independent living community in Dallas, Texas. The floating-rate loan came with a seven-year term, four-year interest only period and 30-year amortization schedule. Its recipient was Chicago Pacific Founders, which purchased the nine-year old community from Capitol Seniors Housing (CSH) for an undisclosed price. CSH had originally bought the property in 2016 when it was around 95% occupied and operating well. At the time, CSH had plans to invest in some capital... Read More »
Strawberry Fields Grows In Kentucky
Kentucky’s largest not-for-profit senior living and long-term care provider, Christian Care Communities, worked with Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors to sell its 92-bed skilled nursing facility in Louisville. Ideally located near multiple hospitals and other referral sources, the facility was originally built in 1962, but was recently renovated in both 2012 and 2014. Occupancy was around 81%, but trailing cash flows were negative, prompting Blueprint to position the asset as a value-add opportunity. For a purchase price of $6.5 million, the facility ultimately sold to Strawberry Fields REIT, which leased it to Landmark Group to operate. The deal... Read More »
Big Year For Capitol Seniors Housing Construction Pipeline
It’s full steam ahead for Capitol Seniors Housing’s construction strategy. The Washington, D.C.-based private equity firm just opened one assisted living community in Naperville, Illinois (Chicago MSA), but has nine more projects coming down the pike, all totaling nearly $300 million. The 95-unit Naperville community cost approximately $27 million to develop, or $284,200 per unit, and is operated by Arbor Company. It will soon be joined by another Chicagoland development in the form of an 83-unit senior living community in Glenview, expected to open later this year at a cost of $28.4 million, or about $342,200 per unit. That figure is more closely in line with Capitol Seniors Housing’s... Read More »
CBRE Completes Kennewick Recap
Switching around lending partners, a joint venture between Bourne Financial Group and Cascadia Senior Living recapitalized and refinanced their 138-unit assisted living/memory care property in Kennewick, Washington, with the help of CBRE’s Aron Will. The memory care portion was completed in 2015, with the assisted living finished in 2016, and since then, both acuities have quickly stabilized. The property is considered to be very high quality for the area and includes amenities like restaurant-style dining, cafes, putting greens, yoga and fitness studios, Wii bowling and movie theaters. To recapitalize the property, Mr. Will secured a $26.35 million loan, with a seven-year, fixed-rate term... Read More »Schedule a demo
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