Marcus & Millichap Facilitates Virginia Acquisition
English Meadows Senior Living, a Mid-Atlantic owner/operator of 11 communities, added another community to its Virginia portfolio with the purchase of White Oaks at Williamsburg. Built in 2015 and opened in early 2017, the 48-unit memory care community is located in Williamsburg. It features three buildings with 16 units in each. Phoenix, Arizona-based New Dawn Assisted Living was the original developer of this property (plus another in Richmond) but filed for bankruptcy protection before finishing either project. A private investor with a seniors housing portfolio in the Midwest had purchased the Williamsburg project in 2016 for $7.5 million and finished construction soon... Read More »
Knapp-Stahler Group Closes Sale in Northern California
Nick Stahler and Justin Knapp of Marcus & Millichap’s Knapp-Stahler Group recently closed the sale of a 57-unit assisted living/memory care community in rural Northern California. The community struggled through the pandemic, like many other senior care businesses, but it also found itself in a declining demographic market before the pandemic. Owned by a public REIT, the community was leased by a regional operator from its inception. A seasoned regional owner/operator bought it and has plans to complete significant capital upgrades and expand the property with affordable housing units. Read More »
Marcus & Millichap Handles Two Transactions in Wisconsin
Two small but stabilized senior care facilities in Wisconsin sold to out-of-state buyers. Ray Giannini of Marcus & Millichap handled both transactions. The larger property is a 50-bed skilled nursing facility in the rural town of Shell Lake. Built in 1985 with an addition in 1994, it was 86% occupied with an almost 20% Medicare census. Helping the facility is the fact that it is the only SNF in town and is located next to a hospital. An out-of-state partnership sold the facility for $1.5 million, or $30,000 per bed, at a roughly 12.0% cap rate based on recent trailing financials. Mr. Giannini followed that up with the sale of a 16-unit assisted living community in Kenosha (Chicago... Read More »
Marcus & Millichap Arranges Construction Financing in Iowa
A new seniors housing development is getting off the ground in Davenport, Iowa thanks in part to construction financing arranged by Marcus & Millichap Capital Corporation. Frank Montalto, vice president of capital markets in M&M’s Chicago office, and Dean Giannakopoulos, senior vice president of capital markets, secured the debt, which totaled $20.25 million. At 75% loan-to-value, that puts the cost of the development at $27 million, or $255,000 per unit. The loan comes with a five-year term and an attractive 3.75% interest rate. When completed, Meadowview of Davenport will include 106 units of independent living, assisted living and memory care. Read More »Schedule a demo
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