MidCap Financial Closes Acquisition Debt For Healthpeak
MidCap Financial closed acquisition debt for another Healthpeak divestiture. Announced in May, the REIT sold five of its SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There was a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in the past four years. Private equity firm Fortress Investment Group paid $64... Read More »
Harrison Street Announces the Largest Seniors Housing Deal Since 2019
In the June issue of The SeniorCare Investor, we wondered when private equity would get off the M&A sidelines in a major way, with so much dry powder available to them. On cue, Harrison Street Real Estate Capital announced the largest seniors housing and care deal in two years, spending approximately $1.2 billion on a portfolio of 24 assisted living/memory care communities in California and Nevada. The portfolio totals 2,195 units, resulting in a per-unit price of $546,700 per unit. Oakmont Management Group operated the whole portfolio, Healthpeak Properties owned half of the properties and California-based real estate developer Gallaher... Read More »
Ziegler Sells Two Healthpeak Properties/Brookdale Senior Living CCRCs
Ziegler’s Dan Revie Tedd Van Gorden represented Healthpeak Properties in the sale of its last two entrance-fee CCRCs that were part of its joint venture with Brookdale Senior Living. The deal includes Foxwood Springs, a 434-unit campus in Raymore, Missouri, and Robin Run, a 457-unit campus in Indianapolis, Indiana. Both were originally part of the National Benevolent Association portfolio that went through bankruptcy proceedings over a decade ago. And after Healthpeak bought out Brookdale’s interest in the joint venture in Fall 2019, these were the only two campuses excluded from that transaction. Subsidiaries of the Texas-based not-for-profit Boncrest Resource Group acquired the... Read More »