Lancaster Pollard Nets Fannie Mae Financing for Oregon Assisted Living Community
When BPM Senior Living Company decided to permanently finance its assisted living/memory care community in Milwaukie, Oregon, Lancaster Pollard had the solution. Matt Lindsay and Doug Harper of Lancaster Pollard successfully arranged a $5.3 million loan from Fannie Mae, going from engagement to closing in under 60 days. Making that timeframe even more impressive is that a planned change in management from third-party to in-house occurred during the underwriting process. BPM was also able to extract significant equity from the transaction, which comes 12 years after its original purchase of the community. Built in 1979 as a 79-unit independent living community, BPM purchased the community... Read More »Two Assisted Living Sales Close in Florida
Brad Clousing of Senior Living Investment Brokerage is starting strong this year, selling three assisted living communities in two transactions for a combined $23 million. Partnering with Patrick Burke, Mr. Clousing first sold a 37-unit assisted living community in Martinsville, Virginia, a transaction that was a long time coming. In July 2015, the same selling partners sold the adjacent 300-bed skilled nursing facility for $28.5 million, or $95,000 per bed, in a sale/leaseback transaction to Omega Healthcare Investors. The long-term lease came with an initial yield of 9.25%. Awaiting TPA approval, the assisted living community eventually sold to Omega as well at a price of $7.5 million,... Read More »Changes at the top
There has been a lot of mobility in the seniors housing C-suite lately (Kai Hsiao stepping down as CEO of Holiday Retirement earlier this year, Doug Korey heading over to LTC Properties, the recent Brookdale Senior Living shuffle, etc…), and yet another job change was announced at the end of March. HCP’s Chief Financial Officer, Timothy Schoen, is leaving the company to become President of BioMed Realty, a life science real estate company based in San Diego that was recently purchased by real estate funds managed by Blackstone for approximately $8 billion. Mr. Schoen had been with HCP since 2006 and has served as Executive Vice President since 2009 and CFO since 2011. Mr. Schoen will... Read More »
Reading the Holiday tea leaves
As most of you have read recently, Walker & Dunlop closed its largest loan ever (almost double the size of its $670 million financing that the company closed earlier in 2015) in the form of a $1.27 billion seven-year adjustable-rate Freddie Mac loan secured by 78 Holiday Retirement independent living properties. The financing, led by Russell Dey and Laura Beaton of W&D, comes out to approximately $144,400 per unit, which if you assume a 75% loan-to-value, is almost identical ($192,500 per unit) to the average price per unit Holiday properties have sold for in the last few years ($193,800 per unit, according to our records). Since 2013 Holiday has sold, in nine transactions, 231... Read More »Schedule a demo
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