KeyBank and Capital Health Group Team For Success
KeyBank Real Estate Capital pulled doubly duty for its client, Capital Health Group (CHG), in arranging an acquisition loan to fund the company’s purchase of three senior living communities in southeastern Pennsylvania, and then turning around to refinance the loan through multiple Fannie Mae financings. This is not the first we have heard of CHG’s most recent acquisition. Announced in January, the sale of the Keystone Villa Portfolio was arranged by Toby Siefert, Brad Clousing and Jeff Binder of Senior Living Investment Brokerage. The three properties, located between Harrisburg and Philadelphia, were developed by the selling entity, a group of local operators in Pennsylvania looking to... Read More »
The Keys to Success
At a time when seniors housing values are still around a record-high (averaging nearly $200,000 per unit for assisted living and over $230,000 per unit for independent living in the four quarters ended September 30, 2016), a group of local operators in Pennsylvania is exiting the market. Of course, owning four recently built, well performing assets helps with capitalizing on value. Developed by the selling group, the Keystone Villa Portfolio is located across three campuses between Harrisburg and Philadelphia and features 509 total units. The Douglassville location was built in two phases in 2004 and 2008 as a 123-unit independent living community, but has since added in 2009 and 2013, 124... Read More »
Freddie and the Queen
HFF recently announced the closing of a sale that we reported on in the January issue of The SeniorCare Investor (but didn’t have full details). The acquired 93-unit assisted living/memory care community is located in the Upper Queen Anne neighborhood in Seattle, Washington, and sold for $36.25 million, or $390,200 per unit, to Washington D.C.-based Capitol Seniors Housing. The community was originally built in 1908 and 1927, but was purchased by the seller in 2007 for $17.2 million, and underwent an extensive $6 million renovation that also included converting two floors from assisted living to memory care. Milestone Retirement Communities managed the property, which was 96% occupied. In... Read More »
Seattle sale
Capitol Seniors Housing’s second investment in the Seattle MSA was financed with the help of Aron Will of CBRE National Senior Housing, who arranged a $20.12 million non-recourse, floating rate loan with a five-year term and 36-months of interest-only, provided by a national bank. The acquired community is located in the town of Mukilteo, Washington and features 107 units of about half independent and half assisted living. It was built in phases in 2000 and 2004, and occupancy has been between 86% and 90% in 2015. On a trailing-12 month basis, the community generated about $2 million of EBITDA on approximately $4.8 million of revenues, for an operating margin of 42%. Capitol Seniors... Read More »Schedule a demo
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