Cushman & Wakefield Finances South Carolina Community
Two years after financing a senior living project in Rock Hill, South Carolina (Charlotte MSA), Cushman & Wakefield returned to refinance the newly opened community. Operated by Harbor Retirement Associates, the community comprises 88 units and 92 beds of assisted living and memory care within the Riverwalk master planned development, which will encompass more than 1,000 single-family homes and 550 apartments, as well as extensive retail and an award-winning restaurant. Private equity firm BridgeForth Capital, the owner, only had the community open for a month before the pandemic hit, but lease-up was luckily strong beforehand. In October 2018, Richard Swartz, Aaron Rosenzweig and... Read More »
Kayne Anderson Closes Another Acquisition
Cushman & Wakefield’s Tampa-based seniors housing team led by Allen McMurtry and David Kliewer sold a 117-unit independent living community in Trinity, Florida (about 20 miles northwest of Tampa). The seller, a development group comprised of Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, recently built the five-story community adjacent to a 97-unit assisted living/memory care property that they also developed in 2016. There are one-and two-bedroom unit options ranging in size from 737 to 1,162 square feet. Designed by Chancey Architecture and Chancey Interior Design, it also features numerous amenities including... Read More »
Newmark Knight Frank Handles Welltower’s $1.3 Billion Sale
There were rumors circulating last month of a major portfolio sale by one of the healthcare REITs, and given the dearth of deals in May, we clung on to the promise of it. Well, on June 1, Welltower announced not one, but two large seniors housing portfolio dispositions, along with a major medical office building sale, all combined for a roughly $1.3 billion purchase price. Ryan Maconachy and Chad Lavender of Newmark Knight Frank handled the transactions, bringing one of them from NDA to closing in just 45 days, including securing agency financing to fund it. To close any deal these days is exceedingly difficult, not only one of this scale, so well done to the Newmark team. It certainly... Read More » Newmark Closes Out 2019 With A Bang
We told you that the folks at Newmark Knight Frank were going to have a big year end, and in the days just before Christmas they closed four transactions worth about $550 million in total. Not a bad way to end the year, and we hope they are all off on vacation until January 5. In the largest transaction, Ryan Maconachy and Chad Lavender sold a portfolio of three Discovery Senior Living-operated assets on behalf of Kayne Anderson. The three communities with 483 units are located in Virginia, Pennsylvania and Delaware and average about 45% independent living, 34% assisted living and 21% memory care units. Overall occupancy is a solid 94%. The buyer was Partners Group, an international... Read More »