Chicago Pacific Founders Adds Florida Community
We’ve written about how private equity firms are likely the buyers best equipped to acquire senior care assets in this current environment, given their deep pockets and penchant for value-add deals. One of those firms, Kayne Anderson Real Estate Advisors, has already shown its interest by closing several deals, including the $500 million acquisition of seven senior living properties from Welltower in June and the $97 million purchase of two brand-new senior living communities in the St. Louis, Missouri area announced just last week. AEW Capital Management is another that threw its muscle around with its $700+ million acquisition of another Welltower seniors housing operating portfolio made... Read More »
Chicago Pacific Founders Acquires Again
Chicago Pacific Founders appears to be wrapping up 2019 with its sixth acquisition of the year, and eighth added property. The target was a 113-unit assisted living/memory care community in Naples, Florida, located just three miles from the city’s Fifth Avenue District and near shopping centers, medical facilities and entertainment venues. It was previously owned by Prevarian Senior Living and operated by Visiting Nursing Management Company. Terms of the deal weren’t disclosed, but CPF will invest in improvements at the property and will have Grace Management take over as operator. Chicago Pacific’s previous acquisitions this year included two in Arizona, two in Texas and a three-property... Read More »
CBRE Returns for Two More Financings
The closings keep on coming for the team of Aron Will, Austin Sacco and Tim Root from CBRE National Senior Housing, which just announced two financings totaling nearly $50 million. The team first arranged $4 million in supplemental financing on behalf of Chicago Pacific Founders (CPF) for its 160-unit senior living community in Las Vegas, Nevada. Two years ago, CBRE had originated the original $13.5 million in acquisition financing for the property. Featuring both independent living and assisted living services, the community has been operated by CPF’s subsidiary Grace Management since the deal. Provided through Fannie Mae, the non-recourse loan came with a seven-year, fixed-rate term and... Read More »
Chicago Pacific Founders Flourishes This Summer
Chicago Pacific Founders has been one of the most active buyers of senior living assets this summer, announcing four deals since the start of July. Its most recent acquisition involved an 83-unit assisted living/memory care community in Richardson, Texas. Opened in March 2017, the community quickly reached stabilization, with occupancy currently sitting at 94%. It features a number of amenities, including a bistro lounge, movie theater and outdoor courtyard, in addition to being located near shopping, dining and entertainment centers. Evans Senior Investments represented the seller, another private equity firm, in the transaction. To fund the deal, CPF turned to Aron Will, Austin Sacco and... Read More »Schedule a demo
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