Kayne Anderson Closes on Three California Communities
Kayne Anderson Real Estate Advisors has joint ventured with Watermark Retirement Communities to add three more California senior living communities to its portfolio thanks to financing provided by SunTrust Bank. Two of the communities were located in the Los Angeles market (in Whittier and Riverside). Averaging about 20 years in age, they had previously been owned by Bridge Investment Group, and Watermark will take over operations. Meanwhile, the third property was up north in the Oakland MSA town of Emeryville. It was previously owned by Welltower and managed by Watermark, which will stay on as operator. To fund the acquisition, SunTrust Bank provided $69.5 million in financing. Following... Read More »
Private Equity Firms Trade New Jersey Assisted Living Community
Ownership of a luxury senior living community in Marlboro, New Jersey flipped from one private equity firm to another. Developed by Capitol Seniors Housing and joint venture partners Formation Development Group and Shelbourne Capital several years ago, the 79-unit community features both assisted living and memory care services under the operation of Chelsea Senior Living. Already located in an affluent area of the county, the community is also near shopping and a number of amenities. Kayne Anderson Real Estate Advisors stepped in as its buyer, retaining Chelsea Senior Living as the operator as well. Richard Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield handled the... Read More »
BMO’s Busy Summer
Shunning any summer doldrums, BMO Harris Bank’s Healthcare Real Estate Finance group announced two loan closings in the last week, on the back of a $200 million facility it closed on behalf of Kayne Anderson Real Estate Advisors and Watermark Retirement Communities earlier this month. First, in Hugo, Minnesota, the group acted as sole lender in arranging an $18 million term loan to refinance a 100-unit senior living community. Keystone Senior, LLC, an owner/operator of communities across seven states, was the borrower. The group then worked on behalf of TH Real Estate (an affiliate of Nuveen, the investment management arm of TIAA) and LCS to fund their acquisition of a large CCRC in Evans,... Read More »
Rocky Mountain High
On the heels of paying more than $500,000 per unit for an 85-unit assisted living and memory care community in the suburbs of Denver, Colorado, Kayne Anderson Real Estate Advisors purchased another community from the same seller, Confluent Senior Living, this time in Fort Collins. Given that this one opened its doors 30 months ago, we assume it went for a similar price even though the markets are different. A little smaller at 79 assisted living and memory care units, the seller’s operating partner, MorningStar Senior Living, will continue to operate it for Kayne Anderson. Confluent and MorningStar have completed seven previous projects together, in Arizona, Colorado, Iowa and New... Read More »