Fairstead Acquires Naples Senior Community
Fully-integrated real estate firm Fairstead secured several sources of financing to fund its purchase of a 250-unit affordable senior apartment community in Naples, Florida. Chicago-based developer Full Circle Communities sold the 45-year-old community for $59.5 million, or $238,000 per unit. Currently, there are a variety of supportive services including health and wellness programs, on-site meals, van transportation to doctor’s appointments, pharmacy visits, education programs and other activities. Fairstead is also planning a $25 million renovation of the property, which will include improvements made to common areas and every residential unit, with a... Read More »
Newmark Strikes Again, and Again
We had reported a few months ago that Newmark (formerly Newmark Knight Frank) was going to have a big fourth quarter. And they have, with five sales transactions worth well in excess of $400 million, plus a few financings, and we still have a few weeks to go before the end of the year, and a few more deals. The largest sale this quarter, which we previously reported on, was the six communities in Massachusetts that sold for about $200 million in a recap of the portfolio previously owned by Welltower. Most recently (early December), however, was one of the larger skilled nursing portfolio sales of the year. Details will be available soon, but let’s just say it will be... Read More »
Regions Banks Secures Balance Sheet Loans
Regions Bank announced a couple of balance sheet refinances for senior care clients. The first was closed for an 84-unit assisted living/memory care community in the suburbs of Honolulu, Hawaii, and we hope a site visit (or two) was required. Developed in 2016 by a large, senior living owner/operator based in southern California, the community was about 92% occupied at closing. It received a $29 million non-recourse balance sheet loan, which comes out to approximately $297,000 per unit, to repay an existing HUD loan and provide low leverage loan proceeds for an adjacent land parcel. It came with a floating rate and initial term of three years, plus an interest-only period... Read More »
Regions Bank Closes Two More Deals
The summer activity continued for Regions Bank. Earlier this week, we covered the bank’s refinance of two construction loans for a senior living community in the Cincinnati, Ohio area and for a community in Lorton, Virginia. Chris Honn also closed a non-recourse balance sheet loan for an assisted living/memory care community in Merced, California. Built in the late 1990s, the community features 84 units and was stabilized under the management of a large California-based operator. The owner, a large privately owned developer/operator based in San Diego and a new customer for Regions Bank, obtained an $8.33 million loan to repay existing bank debt and provide some... Read More »Schedule a demo
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