• New 1031 Exchange Platform Launches

    A new 1031 exchange platform designed to provide advisors and their clients with access to institutional-quality real estate investments through Delaware Statutory Trusts has launched. A Fortress Investment Group affiliate, Fortress Real Estate Exchange, will initially target investments in seniors housing, student housing and multifamily... Read More »
  • Regional Operator Acquires Large Multi-State Portfolio

    Senior Living Investment Brokerage announced a couple of portfolio deals this week totaling 15 separate properties. The larger deal featured 13 assisted living/memory care communities spread out in Georgia and South Carolina. Built between 1989 and 2014, the buildings have a combined 672 units, with 492 assisted living and 180 devoted to memory... Read More »
  • Oregon and Idaho Communities Sell

    Blake Bozett and Spud Batt of The Zett Group sold a 48-unit independent living community in Pendleton, Oregon, on behalf of a local owner/operator who was exiting the business. Built in the 1970s, the community was well occupied but could improve its overall operations. Still, there was positive momentum in the NOI, which rose from $320,000 in... Read More »
  • Owner/Operator Purchases AL/MC Assets from Public Company

    A publicly traded company sold its portfolio of eight assisted living/memory care communities located throughout Minnesota and Wisconsin, engaging Blueprint’s Kyle Hallion, Lauren Nagle and Ben Firestone to handle the deal. Each community included a smaller footprint, with 153 units total across the portfolio. The S&P 500 company owner... Read More »
  • Inland Acquires Class-A Asset

    Inland Real Estate Acquisitions announced its acquisition of a high-end seniors housing community in Monument, Colorado (between Colorado Springs and Denver). We heard about the Class-A transaction about six weeks prior, when Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of Senior Living Investment Brokerage announced their... Read More »

Mezzanine financing helps fund new construction

Contemporary Healthcare Capital is helping to finance Medical Development Corp.’s (MDC) new Canterfield brand of assisted living/memory care communities in the Southeast. Currently there are two Canterfield communities open, one in Oak Ridge, Tennessee and one in Forsyth County, Georgia. But there are six more coming, including one in Kennesaw, Georgia. For that project, which should cost around $17 million, or approximately $182,800 per unit to build, Contemporary is providing a $3.1 million four-year mezzanine loan with a rate in the mid-teens, while State Bank and Trust (a local bank with locations across Georgia) is providing a $12.45 million loan with a rate of LIBOR plus 300 basis... Read More »