• Greystone Closes Large CLO

    Greystone closed a large collateralized loan obligation (CLO) composed solely of healthcare assets. Greystone CRE Notes 2025-HC4, LLC is a $451.6 million commercial real estate CLO backed exclusively by bridge loans provided by Greystone. The transaction marks the firm’s eighth overall CRE CLO and the industry’s fourth-ever CRE CLO composed... Read More »
  • Fortress Investment Group Divests Arizona Asset

    JLL Capital Markets has closed the sale of Inspira Arrowhead, a 165-unit seniors housing community in Glendale, Arizona. The community was under the ownership of Fortress Investment Group funds for just 18 months, but in that time occupancy rose from 89% to 94% and NOI improved by 35%. Fortress bought the asset in April 2024 in a joint venture... Read More »
  • Stacked Stone Makes Another Acquisition

    Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, followed up on its October acquisition in Oklahoma with the purchase of two assisted living/memory care communities in Illinois, near the St. Louis MSA. Similar to the Oklahoma deal, Stacked Stone has made Illinois acquisition in a joint venture with the private equity... Read More »
  • Blueprint Handles Large SNF Deal in Pennsylvania

    Not-for-profit to for-profit are not easy, and it took a two-year process for Blueprint to successfully close the sale of a 250-bed skilled nursing facility in Philadelphia, Pennsylvania. The property appears to be Cheltenham Nursing & Rehabilitation, one of three skilled nursing facilities owned by Dublin, Ohio-American Health Foundation... Read More »
  • JDI Realty Buys Alpharetta Asset

    A partnership recently acquired Chapters Living of Alpharetta, a 79-unit assisted living/memory care community in Alpharetta, Georgia (Atlanta, MSA). Built in 2013, the high-quality community was previously known as Addington Place of Alpharetta. JDI Realty, in partnership with Purity Strategies and Chapters Senior Living, bought the community... Read More »
BMO Harris Bank Closes Credit Facilities

BMO Harris Bank Closes Credit Facilities

BMO Harris Bank’s Healthcare Real Estate Finance group has been busy lately closing credit facilities for senior living clients. The first transaction saw the bank close a $59.4 million facility for LCS’ acquisition of The Clare CCRC in downtown Chicago, Illinois. We profiled the sale in this month’s edition of The SeniorCare Investor, and subscribers can read the story here. Then, BMO provided a syndicated $75 million senior credit facility for Largo Land Development, LLC and Watermark Retirement Communities to develop a 219-bed independent living/assisted living/memory care community and a 64-unit active adult community in Upper Marlboro, Maryland (Washington, D.C. MSA). BMO partnered... Read More »
CCRCs Are Not Dead, and Happy New Year

CCRCs Are Not Dead, and Happy New Year

Two recent CCRC sales prove the point that this market can thrive. You know one of my favorite refrains by now. CCRCs are not dead. And two recent transactions prove my point. At the end of December, David Reis and his Senior Care Development, together with their equity partner Fundamental Advisors, closed on the sale of The Clare in downtown Chicago. This 338 unit/bed CCRC opened during the Great Recession and was forced to sell for 20 cents on the dollar with occupancy at 34%. Today, occupancy is at 98%, average entrance fees are back to $740,000, and they just sold it to LCS for about $320,000 per unit/bed. Talk about a great return on investment. LCS had been a minority investor and... Read More »
CCRCs Are Not Dead, and Happy New Year

The IL and CCRC Markets Rule

After suffering in the aftermath of the Great Recession, Independent Living and CCRC property values and occupancy levels have outperformed the rest of the market. Come and learn why and what may happen in the next recession. Sponsored by The Senior Care Acquisition Reports   We are 10 years into the recovery from the Great Recession, which had an outsized impact on the independent living and CCRC market because they are not need driven. Today, occupancy levels are higher than for assisted living and much higher than skilled nursing. Yet many investors, lenders and developers still shy away from these property types. Are they missing something? Next Thursday, November 14, we will be... Read More »
HCP, or Healthpeak Properties, Continues Brookdale Restructure

HCP, or Healthpeak Properties, Continues Brookdale Restructure

As if a new name wasn’t enough news. First, along with its third quarter earnings results, HCP, Inc. announced that it is changing its name to Healthpeak Properties, Inc. and will trade on the New York Stock Exchange under the new name and ticker symbol “PEAK” on November 5. But then, the REIT announced a couple of large transactions, including the sale of a 46.5% interest in a portfolio of 19 Brookdale Senior Living-operated properties, an amended acquisition of 13 CCRCs from Brookdale and the divestment of the remaining interest in its United Kingdom holdings. Exits from the U.K. are all the rage these days. Starting with the Brookdale sale, HCP, sorry, Healthpeak agreed to form a new... Read More »
Blue Moon/LCS Refinances Texas Development

Blue Moon/LCS Refinances Texas Development

Three and a half years after entering into a joint venture to develop a 207-unit senior living community in Katy, Texas, Blue Moon Capital Partners and LCS have turned to CBRE to refinance the property. Situated on 10.35 acres, the community was developed using the Blue Moon Senior Housing I LP Fund, a $250 million fund for which Blue Moon secured a $175 million capital commitment from Hawkeye Partners, LP in December 2014. Now, the fund is fully invested in 12 assets totaling 1,824 units in nine states. Featuring independent living, assisted living and memory care units, the project also represented the first between Blue Moon and LCS, which took over as manager of the property under its... Read More »