Aron Will Finances Pennsylvania Acquisition
We learned of Care Investment Trust (CIT) and Greenfield Senior Living’s joint venture acquisition of a 120-unit personal care/assisted living and memory care community in Lansdale, Pennsylvania back in January, but just recently bubbling to the surface was the news that Aron Will of CBRE arranged financing for it. Through a regional bank, Mr. Will secured a $10 million, floating-rate loan, with a five-year term and 12 months of interest only. Currently, the community is just 61% occupied based on 150 licensed beds, which Greenfield intends to improve. The operator will also change the name to Greenfield Senior Living of Lansdale. With the joint venture between CIT and Greenfield looking... Read More »
Marcus & Millichap and CBRE Top Senior Care Broker Rankings
While it was not exactly a repeat of 2015, it came pretty close. This year we had only 13 brokerage companies reporting their numbers, with a few active brokers deciding to take a pass this year for a variety of reasons. But they would not have taken the top spots, so no worries on that account. Based on the number of transactions closed in 2016, Marcus & Millichap came out on top for the second year in a row with 58 separate sales in the seniors housing and care market. This was down a bit from the 64 sales in 2015, but the entire market had a mild slowdown. Taking the number two spot for the second year in a row was Senior Living Investment Brokerage with 48 sales, also down from... Read More »Cambridge Realty Capital On a Roll
When it rains, it pours for Cambridge Realty Capital Companies, which announced a succession of three loan closings throughout the middle of the country. First up, the firm arranged $5.32 million in 24-year HUD financing for a Missouri LLC to refinance its 114-bed skilled nursing facility in Crystal Lake, Illinois. Then, down to Kansas City, Missouri, a 162-bed facility owned by a Missouri limited partnership also refinanced with a $4.02 million 25-year HUD loan. These closings come a month after Cambridge worked with Aron Will of CBRE to secure $30 million from a national bank to refinance a portfolio of four seniors housing communities in the El Paso, Texas area. Managed by 12 Oaks... Read More »Riverside Refinance
Three years after buying a 207-unit independent living community in Riverside, California, Capitol Seniors Housing (CSH) is refinancing it, at a much higher value. The private investment firm bought Olive Grove (now Welbrook Arlington) in August 2013 for $16.25 million, or $76,651 per unit. Back then, the property consisted of two independent living buildings that were built in 1980 and 1984. Occupancy was only in the high-60% range, with average IL monthly rates of about $1,600. CSH clearly saw potential in the property, and invested between $5.5 and $6.0 million to convert one building to assisted living and memory care and add a separate dining room to that building (to be serviced by... Read More »Schedule a demo
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