• Public REIT Lands Portfolio in Competitive Sale

    A portfolio of Class-A seniors housing communities sold in the Southeast to an undisclosed publicly traded REIT. Featuring six assets in Georgia and South Carolina, the portfolio totaled 156 independent living, 200 assisted living and 70 memory care units. The communities were built between 2017 and 2022 by a Southeast-based developer. Occupancy... Read More »
  • Regional Owner/Operator Acquires Ocala AL Community

    The third and final asset in the Hampton Manor portfolio has sold with the help of Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage. Hampton Manor Deerwood in Ocala, Florida, was built in 2005 and expanded in 2016 to now feature 61 units of assisted living. The property is stabilized, so the new owner can hit the ground... Read More »
  • Second Generation Operator Divests SNF Portfolio to PE Firm

    A Northeast-based private equity firm engaged Daniel Morris of Plains Commercial Real Estate in its plan to enter a new state. The firm has an existing skilled nursing footprint, and had specific acquisition criteria, which narrowed the focus down to a few potential targets.  The company ultimately acquired a five-facility, 506-bed skilled... Read More »
  • CIBC Springs Ahead with Deal Flow

    CIBC has been hard at work this Spring, successfully closing several acquisition financings for senior care clients across the country. The largest was a $51.5 million term loan that supported the purchase of four skilled nursing facilities in Illinois totaling 586 beds. Historical performance trended positively over the last two years across the... Read More »
  • National Healthcare Properties Kicks Off IPO Push

    National Healthcare Properties, Inc. launched its public offering of 38.5 million shares of its Class A common stock pursuant to a registration statement on Form S-11 filed with the SEC. The initial public offering price is expected to be between $13.00 and $16.00 per share, and the company expects to grant the underwriters a 30-day option to... Read More »

Berkadia originates $366 million financing

Working with both Fannie Mae and Freddie Mac, Berkadia arranged two loans totaling $366.7 million for Brookdale Senior Living to refinance 39 of its seniors housing properties in two separate portfolios. The first portfolio, including 21 properties with 1,924 units and an average occupancy of 91%, is made up of 5.7% IL, 15.9% MC and 78.4% AL units. It was refinanced with a $226.4 million, 10-year loan through Fannie Mae arranged by Managing Directors Heidi Brunet and Christopher Fenton of Berkadia. The loan come to $117,700 per unit. The pair also closed a $140.3 million (or $117,900 per unit), seven-year loan through Freddie Mac for a portfolio of 18 properties, which consists of 1,190... Read More »

Greystone and Oakmont at it again

Greystone expanded its relationship yet again with Oakmont Senior Living. Having previously provided a $150 million Freddie Mac credit revolver (including an additional $23.5 million tranche provided last month) and an $18.8 million Freddie Mac loan for Oakmont’s Fresno, California property, Greystone continued its work by closing a $58.34 million Freddie Mac refinance for Oakmont’s 163-unit independent living community in Santa Rosa, California. The financing came to $358,000 per unit. This 10-year loan was funded through Freddie Mac’s Index Lock product, which enables the borrower to lock in the existing 10-year Treasury rate prior to commitment. Greystone was able to procure a fixed... Read More »

Freddie Mac welcomes newest lender

Arbor Commercial Mortgage is fast diversifying its seniors housing lending platform. In June, the company closed its first bridge loan. In July, Fannie Mae approved Arbor as a Seniors Housing DUS Lender. And now in August, it was appointed as Freddie Mac’s latest Seniors Housing Lender, one of just 15 others in the country. Arbor kicked off this new relationship by providing a $12.1 million loan to refinance a 98-unit assisted living community in Mesquite, Texas. Built in 1999 and renovated in 2013, the community had an average occupancy rate of 96.5%. Jeff Ringwald, SVP of Seniors Housing & Healthcare for Arbor, closed the loan which featured a 10-year term and 30-year amortization... Read More »

Oakmont Senior Living growing

Already with a $150 million Freddie Mac Revolving Credit Facility provided to them in December 2013 to support their robust development pipeline, Oakmont Senior Living obtained an additional $23.5 million tranche with the help of Greystone. The financing enabled Oakmont to take out its construction loan on its newly constructed 71-unit assisted living/memory care community (with 45 AL units and 26 MC units) in Carmichael, California. Just nine months out from the community’s opening, the property was already 96% occupied at closing, which is impressive considering the recent declines in overall AL occupancy. Oakmont received low floating rate, non-recourse debt with an interest-only... Read More »

CBRE arranges financing for 15-CCRC portfolio

Aron Will, Mitchell Kiffe and Matthew Whitlock of CBRE arranged $410 million in financing on behalf of NorthStar Healthcare Income and The Freshwater Group/Watermark Retirement Communities to purchase a portfolio of 15 rental and entrance fee CCRCs. The seller, Fountains Senior Living, a subsidiary of Arcapita, had previously hired Watermark as the day-to-day operator of the portfolio, which consists of six entrance-fee and nine rental CCRCs with 3,663 total units (with 2,330 independent living units, 945 assisted living units, 156 memory care units and 320 skilled nursing beds in 232 rooms). NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group, pursuant... Read More »