Adding upside in DC
We wrote in the October issue of The SeniorCare Investor, of CBRE’s Lisa Widmier and Matt Whitlock’s sale of two assisted living/memory care communities in Georgia. Located in the greater Atlanta area, the communities were owned by Capitol Seniors Housing and purchased by Arcapita Investment Management US. There is a third property involved in the sale, a 74-unit assisted living/memory care community in the Washington D.C. MSA. Just like the other two properties, CSH had purchased this property 2014 for $14.1 million, or just under $200,000 unit. For all three combined in the current 2016 transaction, the total price is expected to be close to $325,000 per unit. Well done. Read More »From the rumor mill
We have heard that a joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners may have sold an assisted living and memory care community outside of Philadelphia to a private equity firm. Pricing has not been disclosed yet, but we understand that it could have been close to $400,000 per unit for the newly built community. Lisa Widmier and Matthew Whitlock of CBRE represented the seller, and Aron Will of CBRE arranged a five-year floating rate loan for the buyer, with three years of interest only. It looks like this is a case of buying a state-of-the-art community in a good market. Details to follow. Read More »
Financing the future
We wrote earlier this month of Capitol Seniors Housing’s large acquisition in the Seattle area, which involved four communities and some 368 units of assisted and independent living for a purchase price of $78 million, or $211,957 per unit. It turns out Aron Will of CBRE financed the transaction on behalf of the joint venture between Capitol Seniors Housing and The Carlyle Group. Mr. Will secured more than $60 million in non-recourse, floating-rate financing, with a five-year term and 36 months of interest only. Approximately $51.9 million of the loan will go towards financing the acquisition, and another $8 million will be allocated for planned capital improvements. The properties were... Read More »
Seattle calls, again
Washington D.C.-based Capitol Seniors Housing has been quite active in Washington State, announcing its fourth acquisition there in less than a year. The private equity firm acquired some 368 units of assisted and independent living across four communities located in the Seattle area. These properties were built from 1989 to 2005, with various additions in that time, and Capitol Seniors Housing plans to make significant capital investments at the communities while converting a number of units to assisted living and memory care. MBK Senior Living will manage. The purchase price came to $78 million, or $211,957 per unit, and Jason Punzel of Senior Living Investment Brokerage handled the... Read More »Schedule a demo
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