CBRE Refinances Stabilizing Seniors Housing Portfolio
CBRE refinanced a portfolio of three seniors housing communities owned by a joint venture between LCS and Nuveen Real Estate, an affiliate of the investment management arm of TIAA. These communities feature a combination of assisted living and memory care, with 328 units in total. Developed by a not-for-profit in 2017 and 2018, they were acquired by the joint venture in 2018 as part of a seven-property portfolio that included four other stabilized communities around the Louisville and Indianapolis MSAs totaling 360 units of assisted living and memory care. The deal represented one of the first large-scale investments in the joint venture’s $300 million capital raise, which CBRE... Read More »
CBRE Refinances Tennessee Senior Living Community
The team at CBRE was in tune working through a Freddie Mac refinance of a senior living campus in Murfreesboro, Tennessee (Nashville MSA). According to our public M&A database, Deal Search Online, the borrower, a joint venture between Venue Capital LLC and Inspirit Senior Living, acquired the property from a local doctor and operator in January 2018 for $12.45 million, or $132,500 per unit. Built in 2001 with 68 assisted living and 26 memory care units, the community was around 85% occupied and operated at a 22% margin on $4.03 million of revenues at the time of that sale. There was an opportunity to especially improve the memory care census, so in came Inspirit and Venue... Read More »
CBRE Handles Sarasota-Area Sale and Financing
It was all hands on deck at CBRE for the sale of an Englewood, Florida (Sarasota MSA) senior living community. We wrote about the deal earlier this week when Chicago Pacific Founders (CPF) announced its acquisition of the property. Featuring 118 units of assisted living and memory care, this community opened in 2017. It is located just minutes from the water and a number of shopping centers and medical facilities. There is also an adjacent 50-acre plot that CPF also acquired to add independent living units and cottages. After leasing up at a rate of approximately six move-ins per month until stabilizing in 2019, the community was 93% occupied at the time of closing. Grace Management will... Read More »
Bellwether Enterprise Secures Freddie Mac Financing
Bellwether Enterprise Real Estate Capital closed a cash-out refinance for a large active adult community in Placentia, California. Owned and operated by Mesa Management, Emerald Isle features a total of 422 units, with both one- and two-bedroom options ranging in size from 588 to 1,128 square feet. There are also numerous amenities, from a fitness center and clubhouse to a putting green and heated swimming pool/spa. It was built in 2004. Working through Freddie Mac, Bellwether Enterprise’s Jason Krupoff originated $82.487 million in financing for the property. The 10-year loan includes five years of interest only at an interest rate below 3% and was underwritten at a 60% loan-to-value... Read More »