MidCap Provides Liquidity for AlerisLife
MidCap Financial announced that it recently closed financing for AlerisLife (formerly Five Star Senior Living). The $95 million floating rate first mortgage loan is secured by 14 high-quality senior living communities totaling 1,477 units in the Southeast, Midwest, and Northeast. The communities are all owned by AlerisLife and operated by their Five Star Senior Living brand. MidCap’s loan enhances AlerisLife’s liquidity position and provides funds for capital improvements across the portfolio. Read More »
MidCap Closes Acquisition Loan for Community in Georgia
MidCap Financial announced the closing of an acquisition loan for a 92-unit assisted living/memory care community on St. Simon’s Island, Georgia. We learned of the deal at the end of September when Newmark disclosed its involvement as the broker representing the seller, a joint venture between AIG Global Real Estate and Thrive Senior Living (also the operator) that had originally developed the property in 2015. Occupancy had fluctuated between 50% and 70% in the last several years, with some key employee turnover prior to COVID contributing to the sub-par census. Winterpast Capital Partners, its affiliate Vitality Living and Broadview Real Estate Partners acquired the property, with... Read More »
MidCap Financial Closes Acquisition Debt For Healthpeak
MidCap Financial closed acquisition debt for another Healthpeak divestiture. Announced in May, the REIT sold five of its SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There was a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in the past four years. Private equity firm Fortress Investment Group paid $64... Read More »
Kentucky Community Receives Fannie Mae Refinance
MidCap Financial, through its correspondent relationship with Bellwether Enterprise Real Estate Capital was able to close a Fannie Mae refinance of a 167-unit senior living community in Lexington, Kentucky. The deal closed in mid-March before huge swaths of the country had been shut down but still a difficult time to get transactions across the finish line. At the end of 2018, the borrower, Atlas Senior Living, had acquired the community as part of a purchase option from DMK Development. Before that, Atlas had leased and operated the $26 million development, which was nearly stabilized at the time of the sale. Opened in August 2017, it features 114 independent living, 38 assisted living... Read More »Schedule a demo
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