Newmark Arranges Acquisition Financing For Harrison Street
Harrison Street has been on an acquisition tear of late, recently acquiring a portfolio of 12 seniors housing communities operated by Atria Senior Living and owned by Healthpeak Properties. But the firm also picked up a 90-unit community in Watertown, Massachusetts (Boston MSA), thanks to acquisition financing arranged by Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano of Newmark. Built in 2014 at a cost of nearly $28 million, the community features 19 independent living, 46 assisted living and 25 memory care units about 10 miles west of downtown Boston. Three years later, Cushman & Wakefield arranged a... Read More »
Cushman & Wakefield Reports Strong End To Year
Cushman & Wakefield Senior Housing Capital Markets ended 2020 with a couple of sales (and a handful of both acquisition and construction financings too). First, on behalf of Healthcare Trust, Inc. (NASDAQ: HTIA), the team sold a 120-bed SNF in the Tampa, Florida market, representing the first of three Florida divestments totaling $118 million for HTIA. Cushman & Wakefield followed that up with a land sale in Cherry Creek, Colorado, an affluent submarket of Denver, for the development of a 137-unit independent/assisted living community. Titan Development sold the fully entitled site to a joint venture between Ryan Companies, Cadence... Read More »
CBRE Refinances Eugene, Oregon Community
CBRE closed out 2020 with a cash-out refinance of a 217-unit senior living community in Eugene, Oregon, with Aron Will, Austin Sacco and Tim Root working on the deal. A joint venture between The Springs Living and Harrison Street was the borrower, having developed the property in 2017 with construction financing also secured by CBRE. The property experienced strong lease-up and stabilized within 13 months of opening. It is currently 96% occupied across the 110 independent living units (including 31 cottages), 75 assisted living units and 32 memory care units. Not too bad for a pandemic. The five-year, non-recourse loan was provided by a national bank and came... Read More »
Harrison Street Picks Up PGIM-Owned Portfolio
In last month’s SeniorCare Investor we mentioned that the team at Newmark Knight Frank would have approximately $1.2 billion in closings in December. They may have reached half of that in one deal. Although no price is being disclosed on the transaction, we did get a sneak look at parts of the offering memorandum from one of the other bidders. PGIM sold a portfolio of Brightview Senior Living-managed communities with a total of 11 communities in Maryland, New Jersey and Massachusetts. Based on our internal records, PGIM purchased 10 of these communities from Brightview in 2014 for about $360 million, or $350,000 per unit and an estimated cap rate of 7%, according to our Deal Search Online... Read More »Schedule a demo
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