


Greystone Rocks Georgia Deal
The Greystone Real Estate Advisors team of Mike Garbers and Cody Tremper recently represented a REIT owner in its sale of a 57-unit assisted living community in Marietta, Georgia. The community was considered to be a value-add opportunity for the new owner, a joint venture between an institutional investor and Surpass Senior Living. Built in 1998, it was on the older side in the overdeveloped Marietta market and could improve operationally. But, the new owner plans to invest some capital in the building to spruce it up. No purchase price was disclosed. The deal comes on the heels of two large closings for Greystone north of the border, including Chartwell Retirement Residences’ purchase of... Read More »
Public Companies Spring Into Action This June
Public companies have made a statement so far in June, with a couple of REITs, one publicly traded operator and two foreign firms announcing acquisitions this week. First, across our border, Ontario-based Sienna Senior Living added one more Ontario retirement community to its portfolio. The 70-unit community in the town of Kingston sold for approximately $7.27 million, or $103,860 per unit. Then, across the Atlantic, Paris-based senior care operator Korian added about 1,000 beds, and eight long-term care/assisted living facilities, to its Belgium portfolio, which now numbers over 9,500 units. The Senior Assist group sold the facilities, five of which opened in the last 18 months. Now to... Read More »
Greystone goes to Freddie Mac
Greystone provided more than $49.4 million in Freddie Mac loans to refinance two assisted living/memory care communities in Carmichael, California and Denver, Colorado. First, Oakmont Senior Living received a $25.15 million loan, with a 10-year fixed rate and 30-year amortization, for its newly constructed 71-unit AL/MC community in Carmichael. Then, Spectrum Retirement Communities obtained a $24.25 million loan to refinance its 97-unit AL/MC community in Denver. The Freddie Mac Capital Markets Execution loan carried a seven-year term and three years of interest-only. Scott Kavel and Cary Tremper led the way for Greystone on these transactions. Also from Greystone, Mike Garbers and Cody... Read More »