• Grandbridge Arranges Two Seniors Housing Sales

    Not long after making the move from Cushman & Wakefield to Grandbridge Real Estate Capital, the Tampa-based team of Allen McMurtry, Dave Kliewer and Jay Jordan announced a couple of seniors housing sales. First, they were tapped by the owner of an independent living/assisted living community near Springfield, Massachusetts... Read More »
  • Colliers International Announces Florida Portfolio Deal

    Damien and Ken Carriero of Colliers International kicked off their 2021 campaign with the sale of three assisted living communities totaling 180 units and 313 beds in Florida. Previously owned by Florida Seniors Properties, Inc., these communities are located in Port Richey, Casselberry and Zephyrhills, with an average occupancy of just... Read More »
  • Plains Commercial Sells Oklahoma SNF

    Daniel Morris, formerly of CBRE but now Founding Partner of Plains Commercial Real Estate in charge of seniors housing investment sales and leasing, has arranged the sale of a small skilled nursing facility in Fairland, Oklahoma. Featuring 29 beds, the facility was built in the mid-1960s with a small footprint of just about... Read More »
  • Keybank Secures Fannie Mae Refinance For Five Communities

    KeyBank Real Estate Capital secured Fannie Mae financing for a portfolio of five seniors housing communities in several states operated by Enlivant. The long-term, non-recourse debt was secured by Charlie Shoop at an attractive interest rate. Plus, KeyBank’s Tim Sylvain, Paul Di Vito and Patrick Gilbreath originated and structured a balance sheet... Read More »
  • Watercrest Expands Into Virginia

    Watercrest Senior Living Group announced the groundbreaking of its first seniors housing community in the state of Virginia. This will also be the furthest north development in Watercrest’s portfolio, so far, as the Florida-based developer/operator has plans to expand its Mid-Atlantic offering. In yet another... Read More »
Walker & Dunlop Finances Another Cascade Capital Group Acquisition

Walker & Dunlop Finances Another Cascade Capital Group Acquisition

Walker & Dunlop’s Joshua Rosen arranged bridge financing for Cascade Capital Group’s acquisition of a 136-bed supportive living facility in Aurora, Illinois. Totaling over $11.0 million, the debt was structured and provided by W&D’s bridge lending program, which utilizes the company’s own balance sheet. It came with a nine-month term and full term of interest-only payments and allow Cascade to quickly execute on the acquisition. The loan also features flexible prepayment options, and Cascade expects to refinance through HUD later this year. If this sounds familiar, it’s because in August 2019, Walker & Dunlop provided a $12.8 million loan from its balance sheet to cover 100% of... Read More »
Cascade Capital Group Sizing Up South Dakota SNF Market

Cascade Capital Group Sizing Up South Dakota SNF Market

Cascade Capital Group clearly sees something in the South Dakota skilled nursing market, following up on its acquisition of 16 Skyline skilled nursing facilities in the state with the purchase of two SNFs and an assisted living community in Huron and Sioux Falls. Previously owned by a publicly traded REIT, this portfolio features a combined 322 skilled nursing beds and 55 assisted living beds. Two of the properties, the 163-bed SNF and the 55-bed AL community are located on the same campus in Huron, while the Sioux Falls facility is licensed for 159 SN beds. Their owner deemed the facilities to be non-core. Certainly, the properties were on the older side, having been built in the 1960s,... Read More »
Cascade Capital Group Adds to Illinois Portfolio

Cascade Capital Group Adds to Illinois Portfolio

Three acquisitions in the last month counts as a spree, right? Well, Cascade Capital Group is in the middle of one, having announced its acquisition of two Chicagoland skilled nursing facilities through its affiliate Legacy Healthcare. The deal included a 214-bed SNF in Streamwood and a 215-bed facility in Wheeling. Both fall under the Bella Terra brand, which has one other location in the Chicago area (Morton Grove) along with Montana and Utah. Last month, Cascade also added a 156-bed SNF in Aurora, Illinois, and a portfolio of four skilled nursing facilities in Florida, which sold for $49 million, or $106,500 per bed, at a 13.3% cap rate. Legacy took over management of the Aurora... Read More »
Pardoll Closes Slew of Southeast Sales

Pardoll Closes Slew of Southeast Sales

Mike Pardoll of Marcus & Millichap has spent the last few months crisscrossing the Southeast, closing a number of seniors housing and skilled nursing transactions along the way. Starting in Dickson, Tennessee (Nashville MSA), he represented a private individual in selling their 70-bed skilled nursing facility to another private individual buyer. Leased by Mission Health (an affiliate of the private equity firm Windward Health Partners) as part of a 10-facility lease that includes other SNFs in Tennessee and Georgia, the facility was originally built in 1974. It was well occupied at 90% and produced around $930,000 in annualized 2018 EBITDA. The current lease is $31,000 per month, which... Read More »
Contemporary Closes Mezzanine Loan for Cascade Acquisition

Contemporary Closes Mezzanine Loan for Cascade Acquisition

The team at Contemporary Healthcare Capital closed a $5 million mezzanine loan to the affiliates of Citadel Care Centers and Cascade Capital Group for their acquisition of four skilled nursing facilities in Florida. The portfolio totals 460 licensed beds and has locations in Fernandina Beach, Haines City, Orange County and North Port. Contemporary closed the loan in conjunction with a senior loan and accounts receivable line provided by SunTrust Bank. The purchase price came to just over $106,000 per bed, and Mike Pardoll of Marcus & Millichap and Mark Myers (formerly with Marcus & Millichap) represented the seller. This announcement comes just a month after Cascade revealed that... Read More »