Grandbridge Goes Green, Again
Utilizing Fannie Mae’s Green Rewards financing product, Richard Thomas and Meredith Davis of Grandbridge Seniors Housing and Healthcare Finance Group arranged a $25.5 million acquisition loan to fund the purchase of a 93-unit assisted living/memory care community in Alpharetta, Georgia. Focus Healthcare Partners’ dedicated senior housing fund was the borrower and will retain The Arbor Company as the community’s operator. This type of transaction seems to have become a recent specialty of Grandbridge’s, as the firm so far in 2018 has closed nearly $300 million in financings through Fannie Mae’s Green Rewards program, across 13 properties, which is the most among Fannie Mae DUS lenders... Read More »
Capitol Seniors Housing Constructs
Capitol Seniors Housing has made it clear that it sees a great opportunity in the 55+ active adult space, but assisted living still has a place in its investment strategy, of course. The private equity firm just broke ground on a brand-new 86-unit assisted living/memory care community in Fulton, Maryland (about halfway between Washington, D.C. and Baltimore). At a cost of $27.5 million, or about $320,000 per unit (high for the area-average of $233,000 per unit, according to our in-house database), the community will be operated by The Arbor Company upon completion, which is expected in late-2018. Read More »
Arbor Acquisition
Aron Will is at it again. Through a national bank, Mr. Will of CBRE secured a $38.9 million five-year bridge loan, with three years of interest only and a sub-200 basis point spread over 30-day LIBOR, for an institutional client. The financing went towards funding the acquisition of The Arbor Terrace Portfolio, which includes two 101-unit assisted living/memory care communities (each with 71 AL and 30 MC units) in the Atlanta, Georgia market. Both communities opened in the fourth quarter of 2015 and are leasing well. The Arbor Company manages the portfolio. Read More »Another $200,000+ transaction
We have written recently about a drop in the average price (on a price per unit basis) for seniors housing transactions from its all-time high in 2014. However, in the midst of some very low transaction prices (one as low as $11,200 per unit/bed), there have been seven deals since the beginning of August with a price above $200,000 per unit. One of them was the acquisition of a 145-unit assisted living community in Park Ridge, Illinois by Capitol Seniors Housing (CSH) for approximately $32 million, or $220,700 per unit. Originally built as a hotel and then converted to senior living, the new owners plan to convert 14 AL units into 20 memory care units in a separate wing. The buyer also... Read More »