KeyBank Plays Key Role In Record Oregon Acquisition

KeyBank Plays Key Role In Record Oregon Acquisition

A few weeks ago, we reported the closing of the highest-priced single-asset seniors housing sale in the state of Oregon. Now, we’ve learned that KeyBank Real Estate Capital financed it with a $63.2 million Freddie Mac loan, which Charlie Shoop arranged with a fixed rate, 10-year term, four years of interest only and a 30-year amortization period. Blueprint Healthcare Real Estate Advisors handled the sale on behalf of the original developer/owner, eventually securing a $92 million, or $321,700 per unit, purchase price from the buyer, Strategic Student & Senior Housing Trust. That represented a 6.4% cap rate based on estimated trailing EBITDAR. Integral Senior Living, the property’s... Read More »
Blueprint Handles Record Sale In Oregon

Blueprint Handles Record Sale In Oregon

We just recorded the highest-priced single-asset seniors housing sale in the state of Oregon, in a transaction handled by Blueprint Healthcare Real Estate Advisors’ Dan Mahoney, Jacob Gehl and Blake Bozett. The target is located in Portland and was originally developed in 1992 by the current seller. Also renovated in 2000, the community features 286 units of independent living, assisted living and memory care. Integral Senior Living has managed it since 2011, and managed it well, apparently, as it was 94% occupied with a 100% private pay census. We have also estimated it operated at a roughly 45% margin on approximately $13 million of in-place revenues. Strategic Student & Senior... Read More »
CBRE Closes Five Financings

CBRE Closes Five Financings

Aron Will of CBRE showed off his strength and variety this month, closing five transactions so far in May. First was a $10.2 million Freddie Mac loan arranged on behalf of Chicago Pacific Founders to acquire a 100-unit independent living/assisted living community in Easley, South Carolina. The loan came with a seven-year floating-rate term and 42 months of interest only. Mr. Will also arranged acquisition financing for a global investment manager for its purchase of two assisted living/memory care communities in Cincinnati, Ohio and Salt Lake City, Utah. Both were originally developed by CA Ventures in partnership with another institutional equity partner and Senior Lifestyle Corporation.... Read More »
Luxury Senior Living In Salt Lake City

Luxury Senior Living In Salt Lake City

A luxury assisted living/memory care community recently opened in Salt Lake City, Utah, and hopes to stand out among its competitors for not only its care, but its look too. Interior designer, studioSIX5, and architect AJC Architects designed the 148-unit community with an eye for its surrounding environment in view of the Wasatch Range, with many resident rooms designed to highlight the natural beauty. The community cost approximately $35 million, or $236,500 per unit, to develop, which is nearly equal to the average construction cost for the region of $233,700 per unit. We have not observed much seniors housing construction in the Salt Lake City MSA, at least on a relative basis, but... Read More »
Welcome, Wardman Group

Welcome, Wardman Group

A boutique real estate investment firm, having just been founded in 2016, is making its first acquisition in seniors housing. The Wardman Group, based in Washington, D.C., plans to invest in value-add opportunities in the hospitality and seniors housing sectors, starting with a 92-unit independent living/assisted living/memory care community in Columbia, South Carolina. Bringing in Integral Senior Living to manage the property (its first in the state), Wardman will begin a $1.4 million renovation to the common areas, exterior and dining room, along with an expansion of its memory care offering from 14 units to 22. Post-renovation, the community will feature 38 IL, 32 AL and 22 MC... Read More »