Frontier Management Sells The Frontier Four
Frontier Management just sold four of its Pacific Northwest seniors housing communities to a publicly-traded REIT but won’t be exiting entirely. In addition to continuing as the operator, Frontier also retained a joint venture ownership interest in the portfolio. Totaling 139 assisted living and memory care units (244 beds), these communities are located in Burlington and Oak Harbor, Washington, and the greater Portland, Oregon MSA. They were well occupied and of institutional quality too, which clearly attracted the REIT buyer. Matthew Whitlock of CBRE National Senior Housing represented Frontier and arranged a successful outcome for them. Read More »
Hunt Real Estate Capital Rises in Phoenix
Nearly a year on from its departure from RED Capital Group, the Kathryn Burton Gray-led team at Hunt Real Estate Capital closed a $7.0 million bridge loan to fund the acquisition of a 44-unit memory care community in Phoenix, Arizona. Brady Johnson originated the deal, with help from Ms. Burton Gray and Michael Jones, working on behalf of the joint venture buyer that consisted of CALCAP Real Estate Advisors, a California-based real estate investment firm, and Greg Roderick, President and CEO of Frontier Management. This is CALCAP’s first foray into seniors housing, and they will certainly benefit from Mr. Roderick’s operating experience. Built in 2000 but renovated in 2016, the community... Read More »
Frontier Moving Forward With Financing From Columbia Pacific Advisors
Fresh off of Frontier Management’s ownership restructuring, it was business as usual for the firm, which obtained financing for its newly opened standalone memory care community in Tucson, Arizona. Columbia Pacific Advisors, though its bridge lending platform, CPIF Lending, provided the $6.225 million loan, with a 24-month interest only term and a 12-month extension, to refinance the original construction financing on the 48-unit community. The transaction allows Frontier to continue stabilizing the community and pursue its next development project. The loan, which Frontier expects to pay off within 18 months, was underwritten at a loan-to-value of 66%, but that goes down to 56% upon... Read More »
Live Oak Bank Flourishes This Summer
Showing off its versatility, Live Oak Bank facilitated acquisition financing for two separate, and very different, transactions. First, the bank provided a cash flow balance sheet loan to support a partner buy-out at Frontier Management. Formation Capital had owned a 50% stake in the senior living operator, but with this transaction, Frontier’s founder and CEO, Greg Roderick, became the sole owner. Established in 2000, Frontier now operates 80 communities with over 6,000 independent living, assisted living and memory care units across 12 states. Second, Live Oak Bank provided a $5 million SBA 7a loan for local operator in Utah to acquire two small assisted living communities in the town of... Read More »Schedule a demo
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