Chicago Pacific Founders Acquires Again
Chicago Pacific Founders appears to be wrapping up 2019 with its sixth acquisition of the year, and eighth added property. The target was a 113-unit assisted living/memory care community in Naples, Florida, located just three miles from the city’s Fifth Avenue District and near shopping centers, medical facilities and entertainment venues. It was previously owned by Prevarian Senior Living and operated by Visiting Nursing Management Company. Terms of the deal weren’t disclosed, but CPF will invest in improvements at the property and will have Grace Management take over as operator. Chicago Pacific’s previous acquisitions this year included two in Arizona, two in Texas and a three-property... Read More »
Chicago Pacific Founders Acquires Pittsburgh Portfolio
Chicago Pacific Founders announced its second acquisition for July, following up on its purchase of a senior living community in Scottsdale, Arizona by picking up three senior living communities in the Pittsburgh, Pennsylvania market. One of the communities, in North Versailles, was opened in 2009 and is fully stabilized. The other two were opened more recently, in April 2017 for the Bethel Park community and just earlier this year for the community in Pittsburgh. So, cash flow was uneven across the portfolio. The two older properties are independent living communities, while the newest property also features personal care units. As usual, Chicago Pacific Founders’ operating subsidiary,... Read More »
Chicago Pacific Founders Acquires Again
A week after it was announced that Chicago Pacific Founders acquired a new senior living community in Conroe, Texas, the firm followed it up with another purchase, this time in Scottsdale, Arizona. Featuring 101 units of independent living and assisted living, the community will now be managed by CPF’s operating subsidiary, Grace Management. The community was originally built in 1998 and is located close to numerous shopping and medical centers. Chicago Pacific Founders plans to invest in improvements to the community in addition to renaming it. The final purchase price came to $27 million, or about $267,300 per unit. Steve Gebing, Hamid Panahi, Cliff David and Tony Cassie of Institutional... Read More »
CBRE Finances Willows of Easley
Chicago Pacific Founders turned to Aron Will of CBRE to arrange financing for its latest acquisition in Easley, South Carolina. We reported last month that Evans Senior Investments had represented the independent owner/operator in its sale of a 100-unit independent/assisted living community. Originally built by the seller in 1997 and expanded in 2004, the Easley property was 96% occupied with 100% private pay and operated at a 36% EBITDAR margin. CPF bought it for $14.5 million, or $145,000 per unit, with the help of a $10.2 million Freddie Mac loan that featured a seven-year floating rate term and 42 months of interest only, arranged by Mr. Will. Grace Management will take over management... Read More »Schedule a demo
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