Two New Communities Trade In Arkansas
Evans Senior Investments closed out May by closing the sale of two private pay senior living communities in Arkansas for a combined $37.965 million, or $183,000 per unit. Located in the towns of Rogers and Bentonville (about 10 miles apart), the communities totaled 56 independent living cottages, 116 assisted living units and 36 memory care units, all with private bathrooms and modern finishes. Built a few years ago, the Rogers community was 77% occupied, with a 24% EBITDAR margin over the previous 12 months, while the Bentonville community had only just opened in 2017 and was still leasing up. The seller was a regional owner/operator (represented by ESI). A joint venture between... Read More »
Aron Will Closes Two More Financings
Heading into the Thanksgiving holiday, Aron Will of CBRE certainly had a bountiful month, closing nearly $80 million in two transactions. First, working on behalf of joint venture partners Harrison Street Real Estate Capital and The Springs Living®, Mr. Will arranged a $66.4 million construction loan to fund the construction of a 216-unit senior living community in Lake Oswego, Oregon (Portland MSA). A pair of national banks provided the floating rate loan, which came with a four-year term and 48 months of interest only. Using a conservative loan-to-value for the project, that would result in a per-unit value most likely above $400,000. The property’s location in one of the most affluent... Read More »
Buyers See Potential In Wildwood Independent Living Community
Joint venture partners Harrison Street Real Estate Capital, REDICO and American House Senior Living Communities clearly eyed potential at a newly built independent living community in Wildwood, Florida (near The Villages). Built in 2013, the community features 173 units ranging in size from 500 to 1,090 square feet. Based on a 30% operating margin on approximately $5.3 million of in-place revenues, and occupancy of 90% at the time of sale, we have estimated the cap rate to be about 5.2%. Both occupancy and margins could be improved, with a good amount of hard work, of course. Since assuming management, American House has added private duty personal care services through Allegiance... Read More »Where There’s a Will, There’s a Way…To Construction Financing
Aron Will of CBRE brought together a joint venture between Harrison Street Real Estate Capital and Belmont Village Senior Living, and a national bank to arrange construction financing for the development of a brand-new assisted living/memory care community in Lincoln Park, Illinois. The project got its start in 2016, when Cain Brothers arranged the sale of a property adjacent to the former Children’s Memorial Hospital campus, which is currently undergoing a $350 million redevelopment run by McCaffery Interests and Hines Interests. The massive project will include 540 apartments in two 11-story buildings, 60 luxury condos and 162,000 square feet of retail space. Across the street, however,... Read More »Schedule a demo
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