• 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 »
CBRE Sells (and Finances) Tucson Senior Living Community

CBRE Sells (and Finances) Tucson Senior Living Community

Over five years on from its acquisition of a 217-unit independent/assisted living community in Tucson, Arizona, MBK Senior Living is exiting the asset with the help of Matthew Whitlock of CBRE. Originally built in 1991, the property underwent a series of multimillion-dollar renovations that included the conversion of 78 units to assisted living and the renovation of the community’s clubhouse. It now features three two-story garden-style independent and assisted living buildings and three single-story buildings that house 19 casitas surrounding a greenhouse and putting green. When MBK bought the property from The Dermot Company in 2012 for $31.9 million, or $143,000 per unit, it was 90%... Read More »
Walker & Dunlop’s All-Agency Transaction Trifecta

Walker & Dunlop’s All-Agency Transaction Trifecta

The Walker & Dunlop team of Kevin Giusti, Michael Davis and Jeff Ringwald ran the agency gamut this month, closing one Freddie Mac, one Fannie Mae and one HUD loan, all totaling $42.6 million. W&D started with a $13.5 million refinance closed through Freddie Mac for a brand-new, 52-unit memory care community in Springfield, Oregon. The borrower, Onelife Investments was able to recapitalize 100% of its equity and obtained a 15-year loan with a fixed rate. Next, another recently-built senior living community refinanced with Fannie Mae, thanks to the Walker & Dunlop team. Operated by Avista Senior Living, the 108-unit assisted living community opened in 2017 within a larger active... Read More »
The Freddie Mac/Fannie Mae 2018 Rankings Are In

The Freddie Mac/Fannie Mae 2018 Rankings Are In

Fannie Mae and Freddie Mac came out with their 2018 multifamily loan production rankings, showing more than $143 billion in volume was closed across the two agencies. Compared with last year, that resulted in a 3% decrease for Fannie Mae but a 7% increase for Freddie Mac. That’s a lot of capital injected into multifamily assets. Wells Fargo Multifamily Capital placed first for the Fannie Mae list with $8.1 billion in closings, followed by Walker & Dunlop ($6.9 billion) and Berkadia Commercial Mortgage ($6.6 billion). On the Freddie Mac rankings, CBRE came out on top with $13.7 billion in loans closed, with Berkadia ($9.9 billion) and HFF ($7.2 billion) taking second and third.... Read More »
Berkadia Closes First Freddie Mac Structured Pool Transaction For Seniors Housing

Berkadia Closes First Freddie Mac Structured Pool Transaction For Seniors Housing

Berkadia combined both fixed and variable rate debt in their latest transaction closed on behalf of Brookdale Senior Living. Using Freddie Mac’s new Structured Pool Transaction program, Heidi Brunet and Lisa Lautner secured 10-year, non-recourse financing with a 30-year amortization schedule split between a $213 million fixed-rate component and a $114 million variable-rate component. Some 28 properties and 2,200 units were refinanced with the loans, and through Freddie Mac’s Green Advantage program they will be able to make environmental upgrades. This is the first Structured Pool Transaction in the seniors housing industry, but with the interest rate risk diversification it provides, look... Read More »
Active Adult Community Gets Freddie Mac Financing

Active Adult Community Gets Freddie Mac Financing

A high-end active adult community located in an affluent Denver, Colorado suburb successfully refinanced with the help of Leon McBroom of HFF. Working through Freddie Mac’s CME Program, Mr. McBroom secured $21.4 million in 10-year fixed-rate financing, which will be serviced by HFF. The property was developed in 2014 by McBroom Company and managed by The Avenues Company. It features 70 units and 20 cottages (combining for 98% occupancy), along with a host of luxury amenities like an outdoor kitchen, fitness center with a yoga space and a billiard lounge. Read More »