• Northstar Senior Living and Alta Senior Living Merge

    In the mad dash for growth in the seniors housing sector, a lack of new development and an abundance of buyers crowding certain corners of the M&A market has led some owner/operators to seek acquisitions or mergers of whole management companies. It can certainly be a viable alternative that allows one to grow without a massive capital... Read More »
  • In-Place Operator Acquires Senior Care Campus

    CBRE National Senior Housing’s Debt and Structured Finance team arranged acquisition financing for a senior care campus on behalf of Wingate Living and its affiliates. Wingate Living is a Newton, Massachusetts-based senior living developer/owner/operator with a focus on New England. Aron Will and Michael Cregan arranged the financing, securing a... Read More »
  • Joint Venture Takes on Stabilization Project

    Michael Segal, Lauren Nagle and Daniel Waldhorn of Blueprint closed a deal on behalf of an institutional seller that was looking to divest its assisted living/memory care community. The purpose-built asset was constructed in 2000 by a national developer and comprises 52 units. It sits in West Bloomfield, Michigan, which is Michael Segal’s... Read More »
  • Large SNF Portfolio Secures Acquisition Financing

    Marking another milestone for MONTICELLOAM in a banner first quarter, the firm funded $435 million in bridge and working capital financing for a skilled nursing portfolio that encompasses 14 facilities in Maryland. Of the total, $400 million supported the acquisition of the 1,890 beds. The sponsor group is a returning client that owns/operates... Read More »
  • Joint Venture Secures Acquisition Financing

    A joint venture between Winterpast Capital Partners, Vitality Senior Living Management and Virtus Real Estate Capital acquired an assisted living/memory care community, securing bridge financing through Coastal States Bank. The financing includes reserves to support the joint venture’s ongoing repositioning of the community and was structured... Read More »

CBRE arranges financing for 15-CCRC portfolio

Aron Will, Mitchell Kiffe and Matthew Whitlock of CBRE arranged $410 million in financing on behalf of NorthStar Healthcare Income and The Freshwater Group/Watermark Retirement Communities to purchase a portfolio of 15 rental and entrance fee CCRCs. The seller, Fountains Senior Living, a subsidiary of Arcapita, had previously hired Watermark as the day-to-day operator of the portfolio, which consists of six entrance-fee and nine rental CCRCs with 3,663 total units (with 2,330 independent living units, 945 assisted living units, 156 memory care units and 320 skilled nursing beds in 232 rooms). NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group, pursuant... Read More »

Berkadia Closes a Big One

Just how did NorthStar Realty Finance Corp. fund its $875 million acquisition of a 32-property senior living portfolio? They hired Chris Fenton and Jay Healy of Berkadia Seniors Housing and Healthcare to secure $648.2 million of Fannie Mae debt. The 10-year fixed-rate financing features a 4.17% interest rate, a 73.5% loan-to-value and a 30-year amortization. All individual loans were cross collateralized and cross defaulted. The 32 properties are in 12 states with 4,012 independent living units and average occupancy in excess of 90%.   Read More »