• Novellus Divests in Colorado

    by | May 17, 2024 4:16 pm | Acquisitions

    Evans Senior Investment arranged the sale of an assisted living community in Denver, Colorado, representing Novellus Living in the transaction. ESI previously facilitated the sale of the community less than two years ago. Originally built in 2002, Novellus Cherry Creek comprises 66 units and operates on a 59% private pay basis. In 2022, occupancy... Read More »

  • CBRE Secures Financing for Washington Asset

    by | May 17, 2024 4:14 pm | Financings

    CBRE secured financing for a seniors housing community in Tacoma, Washington, on behalf of a joint venture between Harrison Street, PMB and GenCare Lifestyle. Built in 2020, GenCare Lifestyle Tacoma at Point Ruston comprises 159 independent living, assisted living and memory care units. The community fully opened in the fourth quarter of 2020 and... Read More »

  • Live Oak Bank Returns to Santee Seniors Housing Campus

    by | May 17, 2024 4:12 pm | Developments, Financings

    Live Oak Bank closed a $27.0 million refinance with a repeat client for an assisted living/memory care community, The Ridge at Lantern Crest, situated on a larger campus, Lantern Crest, in Santee, California. Lantern Crest, operated by Lantern Crest Senior Living, is a 34-acre seniors housing campus developed by The Grant Companies. It offers... Read More »

  • The Current Lending Environment for Senior Care Properties

    by | May 17, 2024 9:31 am | Acquisitions, Developments, Financings, Opinion

    The financing process has killed dozens (and hundreds) of deals in the last couple of years, and yet M&A activity is near record levels in the seniors housing and care industry. So deals are getting done, and not just with cash. Who has been lending and at what cost to the borrower? What hurdles have to be overcome? And when capital costs do... Read More »

  • Lument Arranges Tennessee SNF Sale (& Loan Assumption)

    by | May 16, 2024 4:27 pm | Acquisitions

    A skilled nursing facility in Tennessee that was struggling to maintain debt service and other loan obligations sold with the help of Laca Wong-Hammond and Isabel Carta of Lument Securities serving as exclusive financial advisor to the seller. Located in Rocky Top, about 25 miles from Knoxville, Summit View of Rocky Top is a 117-bed skilled... Read More »

CFG Capital Markets Advises on Seniors Housing Sale

by | May 10, 2017 7:00 am | Acquisitions

We typically see Capital Funding Group in the financing side of the business, boasting a steady stream of agency and bridge loan closings of late. But CFG Capital Markets, its investment banking and securities subsidiary, has just announced they represented the seller in its disposition of two seniors housing communities operated by Oxford Senior Living. Located in Derby, Kansas (Wichita MSA), the 48-unit stand-alone memory care community was built in two phases in 2011 and 2013. The McKinney, Texas community features 73 units of assisted living and memory care, and only just opened in January 2017 at a cost of $15 million, or $205,500 per unit. Understandably, it is still in lease-up, at... Read More »
Recap with MidCap

Recap with MidCap

by | Jan 11, 2017 8:31 am | Financings

A few years after acquiring an independent living community in Payson, Arizona (located in the middle of the Tonto National Forest), Compass Senior Living is refinancing the property, with the help of MidCap Financial. Originally built in 2006 by a not-for-profit operator, this 50-unit community was eventually sold to Compass in 2014. Since then, occupancy and operating margin have improved, and the property’s value, thus, increased. The $4.5 million floating rate loan came with a three-year term and not only refinanced existing debt, but also recaptured equity that was originally committed to the 2014 acquisition. Read More »
MidCap acquires HUD lender Pineview

MidCap acquires HUD lender Pineview

by | Jun 22, 2016 8:31 am | Acquisitions, Financings

With HUD transaction volume expected to rise in the senior care industry, following the recent debt-seasoning requirement (among other) changes, it’s no wonder MidCap Financial wants to establish a presence there in acquiring Pineview Capital Group, an experienced Denver-based HUD lender. With the benefit of its balance sheet, MidCap already boasts an array of services, including life sciences loans, first mortgage financing and mezzanine debt, ranging in size from $5 million to $100 million. This is also an opportunity to expand Pineview’s lending capabilities to a larger client base. The goal of the transaction is for both teams to become the single point of contact for borrowers through... Read More »

MOB to Senior Living?

by | Apr 15, 2015 7:52 pm | Developments

Monarch Senior Living is trying something new in seniors housing development. The company acquired a vacant 17,800 square-foot medical office building (MOB) in La Jolla, California for $7.115 million, which it plans to convert into a 26-unit/44-bed memory care community. Monarch will own the community with Menlo Park, California-based real estate equity sponsor HG Capital, and will also manage it upon completion. To fund both the purchase and the repurposing of the building, Aaron Beck of NorthMarq Capital arranged a five-year $9.96 million first mortgage loan for Monarch. The financing featured interest-only payments, a floating rate and minimal recourse so as to give the joint venture... Read More »