• PGIM Divests Two Arizona Assets

    JLL’s Seniors Housing Capital Markets team completed the sale and financing of three assets across two separate deals. First, it announced that it sold The Watermark at Morrison Ranch in Gilbert, Arizona, and Acoya Mesa in Mesa, Arizona. Both communities were stabilized at the time of the deal. JLL marketed the portfolio on behalf of the seller,... Read More »
  • Underperforming Asset Trades in California

    A seniors housing community in Vacaville, California, sold with the help of Nick Stahler and Chad Mundy of The Knapp-Stahler Group at Marcus & Millichap. At the time of LOI, the asset was underperforming and financially strained. Built in 2004, it features more than 80 assisted living and memory care units and is licensed for over 90 beds on... Read More »
  • Communities Sell in California and Missouri

    Haven Senior Investments closed a deal right before year-end and announced a couple of others from the preceding months. First, an assisted living community was facing a hard closing deadline, with a 30-day escrow and commercial loan that would have been canceled if the transaction did not close by December 31. Rebecca Van Wieren and Scott Fuller... Read More »
  • Cambridge Provides HUD Construction Financing

    Cambridge Realty Capital provided $6.5 million in construction financing for a 20-bed memory care addition to The Pointe at Pontiac, an existing 60-bed supportive living facility in Pontiac, Illinois. The borrower is an Illinois limited liability company. The financing is insured by HUD under its Section 241(a) program and will be used to fund... Read More »
  • SNF Portfolio Receives Bridge Financing

    MONTICELLOAM, along with firm affiliates, provided $60 million in bridge financing to a five-facility skilled nursing portfolio in Illinois. The two-year loan was originated by Karina Davydov. The returning healthcare client, who operates over a dozen skilled nursing facilities in Illinois, will use the loan proceeds to acquire the portfolio,... Read More »
CBRE Rocks Plymouth, Michigan Deal

CBRE Rocks Plymouth, Michigan Deal

After opening in 2017, and already filling up, a senior living community in Plymouth, Michigan (Detroit MSA) refinanced its construction debt with the help of Aron Will of CBRE. Developed by a joint venture between Boston-based private equity firm Blue Moon Capital Partners and Troy, Michigan-based operator Cedarbrook Senior Living, the community features 98 independent living, 43 assisted living and 41 memory care units, in addition to 19 IL cottages. It was developed at an approximate cost of $45 million, or around $225,000 per unit, which is slightly above the regional average for senior living communities of $215,000 per unit, according to our in-house database of developments dating... Read More »

New Fund hits development market

Blue Moon Capital Partners, a seniors housing private equity investor founded by industry vets Kathryn Sweeney and Susan Barlow, just announced the first project for its $175 million fund, Blue Moon Senior Housing I LP (BMSH). In December 2014, Blue Moon secured a $175 million capital investment from Scout Fund II through Hawkeye Partners, LP. Kicking off development will be a 180-unit seniors housing project in Northville, Michigan being developed with The Damone Group, which has developed over 120 projects in the last 40 years. With 96 IL units, 44 AL units and 40 MC units, the community will be built by the developer’s construction arm, Damone Construction, and operated by its... Read More »