• Chicagoland Portfolio Finds New Owner

    A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities... Read More »
  • Publicly Traded REIT Divests in Illinois

    Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were... Read More »
  • CFG Secures $13.55 Million in HUD Loans

    Capital Funding Group closed two HUD loans totaling $13.55 million to support the refinancing of two skilled nursing facilities. Both facilities are in Illinois, and together they comprise 173 beds. No other details surrounding the financing were disclosed. This announcement follows CFG’s closing of $16.25 million in bridge-to-HUD financing on... Read More »
  • CBRE Secures Bridge Financing For Two Communities

    CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities.  Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at... Read More »
  • G Capital Markets Closes Cash-Out Recap

    G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over... Read More »
LTC Properties Announces Another Mezzanine Loan

LTC Properties Announces Another Mezzanine Loan

LTC Properties revealed in its fourth quarter earnings call that it originated a $25 million mezzanine loan for the recapitalization of five seniors housing properties in Oregon and Montana. The transaction is a continuation of LTC’s strategy focused on higher yield structured finance investments.   Coming with a term of five years and two months, with two one-year extension options, the loan bears an 8% interest rate and an IRR of 11%. The properties, which include independent living, assisted living and memory care, total 621 units and will be managed by The Springs Living, a new operator for LTC.   LTC revealed a few other investments and dispositions in its earnings. So far in... Read More »
Portfolio Sale in the Carolinas Receives Financing

Portfolio Sale in the Carolinas Receives Financing

LTC Properties has more than doubled its loan origination volume for the year with a unitranche loan provided to fund the purchase of 13 seniors housing communities in the Carolinas. The $52.5 million loan bears interest at 7.25% for a term of four years, with an IRR of 8%. It also provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital needs, bringing the total investment commitment to approximately $60 million.   We learned that Patrick Burke of Senior Living Investment Brokerage handled the portfolio sale. Totaling 523 units and 967 beds, the properties include a mix of independent living (2%), assisted... Read More »
LTC Properties Announces Third Quarter Financings

LTC Properties Announces Third Quarter Financings

LTC Properties has announced a number of financings it originated over the third quarter totaling $46 million across four separate investments, including a unitranche loan, a senior loan, a mezzanine loan and a land loan. The investments are believed to generate a future annual interest income of approximately $3.5 million over a combined weighted average term of 3.2 years. First, a $27 million unitranche loan was originated for a regional operator to purchase a skilled nursing facility in Louisiana. The operator was given a loan term of three years with one 12-month extension option.  The second loan was a $12.5 million senior loan for a regional operator to purchase an assisted... Read More »
LTC Properties Divests Three ALFs in Wisconsin

LTC Properties Divests Three ALFs in Wisconsin

In the ongoing plan to reposition its relationship with Senior Lifestyle Corporation, LTC Properties has sold three assisted living communities in Wisconsin. The sales price was $35.0 million, or about $133,100 per unit.   The three communities had a combined net book value of $28.3 million, and the estimated gain for LTC on the sale is approximately $5.6 million. There was no debt on the communities, so the net sales proceeds of $34.0 million were used to pay down the REIT’s unsecured revolving line of credit.   In the first quarter this year, LTC had transitioned 11 Senior Lifestyle assisted living communities in Wisconsin, Ohio and Illinois to two... Read More »
LTC Properties Divests Three ALFs in Wisconsin

SLIB Sells Wisconsin Assisted Living Portfolio

As if their end-of-April activity wasn’t enough, the Senior Living Investment Brokerage team of Bradley Clousing and Ryan Saul kicked off May with a portfolio sale of three assisted living communities in Wisconsin. Located in the towns of Waukesha and Oshkosh, they total 255 units and were built between 2005 and 2009. The Waukesha community consists of 85 units, while the two Oshkosh properties (located one mile apart) feature 134 units and 36 units, respectively. Occupancy averaged around 80%, and the facilities wer estimated to have operated at a roughly 25% margin on over $12.84 million of combined revenues.   Local public filings revealed LTC Properties as the previous owner, and... Read More »