Cushman & Wakefield Closes CCRC Sale
Allen McMurtry and David Kliewer of Cushman & Wakefield’s Tampa office sold The Barrington of Carmel, a 267-unit CCRC just outside of Indianapolis, Indiana, for $61 million, or $228,500 per unit/bed. The Type A entrance-fee community has 137 independent living units, 56 assisted living units, 26 memory care units and a 48-bed nursing facility. There is also the potential to expand by another 20 to 25 IL units, but that will be on the buyer, Baptist Homes of Indiana. The buildings comprise 372,000 square feet on 19.5 acres. Built in 2013 with approximately $112 million in tax-exempt bonds and $7 million in taxable bonds, less than six years later its not-for-profit sponsor, Mayflower... Read More »
Quick Acquisition Potential
Details are not in abundance, but if you have the cash and the ability, there are up to four memory care facilities in the Houston, Texas market that are available for a quick sale. Here’s the issue. Bids are due by August 16, and the closing must be by August 30. That means no financing contingencies, probably no third-party reports in time. The sellers are the banks, and Cushman & Wakefield was just hired to complete this task, as impossible as it may sound. The good news is that the lenders have to sell, and while we have not heard an asking price, we assume you will get them at well below original construction cost. We believe they were all built between 2011 and 2015, but... Read More »
Cushman & Wakefield Arranges Equity for New Jersey Development
Acting as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate, the Cushman & Wakefield team of Richard Swartz, Jay Wagner and Jim Dooley arranged institutional equity capital for a to-be-built senior living community in Montvale, New Jersey. Located on an 11.5-acre site with a spacious 33,000-square foot interior courtyard, the development will feature 203 units of independent living, assisted living and memory care. The $26.5 million of equity (provided by a private equity fund) will complement $54.6 million of debt financing from another seniors housing lender. Read More »
Cushman & Wakefield Arrange Financing for Stabilizing Property
A 195-unit senior living community still in lease-up just refinanced its construction debt with the help of its advisors: Richard Swartz, Jay Wagner and Jim Dooley of the Cushman & Wakefield Senior Housing Capital Markets team. A partnership between Pike Senior Housing Partners and operator Solvere Senior Living developed the community in Hamilton, New Jersey, about 11 miles from Princeton, at a cost of $59.1 million, or just over $300,000 per unit. They opened the independent living units first, in November 2017, and followed that up with the licensed assisted living and memory care units in April 2018. Rents begin at $2,800 for IL, $3,950 for AL and $5,600 for MC. Occupancy is... Read More »Schedule a demo
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