Seattle sale
Capitol Seniors Housing’s second investment in the Seattle MSA was financed with the help of Aron Will of CBRE National Senior Housing, who arranged a $20.12 million non-recourse, floating rate loan with a five-year term and 36-months of interest-only, provided by a national bank. The acquired community is located in the town of Mukilteo, Washington and features 107 units of about half independent and half assisted living. It was built in phases in 2000 and 2004, and occupancy has been between 86% and 90% in 2015. On a trailing-12 month basis, the community generated about $2 million of EBITDA on approximately $4.8 million of revenues, for an operating margin of 42%. Capitol Seniors... Read More »
American Realty Capital still in the big leagues
We wrote a few months ago that American Realty Capital Healthcare Trust appeared to be going strategic in their deal making, meaning they were purchasing smaller one-off communities rather than the larger portfolio sales they were known for. In fact, in all of their deals before 2015 (going back to their first transaction in 2012), ARC averaged $52 million per transaction, but in the first 10 months of 2015, they averaged $13 million each. That is not to say the quality of the deals changed (they didn’t), just the size. However, ARC finished 2015 by announcing three transactions averaging $67.7 million per deal. First, ARC-II purchased a portfolio of three assisted living/memory care... Read More »Will power
A pair of well-located, well-occupied and relatively new assisted living/memory care communities in Suffolk County, New York recently received $62.8 million in financing arranged by Aron Will of CBRE National Senior Housing. The loan, which featured a five-year fixed rate and 60 months of interest only, was placed through a life insurance company and came out to approximately $230,800 per unit. Both communities, owned by a joint venture between Harrison Street Real Estate Capital and The Engel Burman Group, had occupancy rates in the high 90s and are located in affluent towns in the New York City metro area. The 118-unit AL community in Huntington was developed by Engel Burman in 2010,... Read More »Building on the North Shore
The Chicago suburbs of the North Shore, one of the wealthiest areas in the country, will soon be getting a new assisted living/memory care community in the town of Prospect Heights, Illinois. Greenbrier Senior Living, a Chicago-based developer, is teaming up with institutional equity partner, Och-Ziff Real Estate, and Chicago-based operating partner, Pathway Senior Living, to build the 94,333-square foot building, which will feature 69 AL units and 32 MC units. To help finance the project, Aron Will of CBRE National Senior Housing secured a $21.41 million, five-year floating rate construction loan, with 39 months of interest only, placed through a regional bank. If we assume the loan was... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
