Bloom Senior Living Blossoms Again
Last week we disclosed that Bloom Senior Living and its affiliate Kandu Capital hit a home run with its sale of a 94-unit assisted living and memory care community in St. Petersburg, Florida. They purchased it for $5.5 million in 2017 and just sold it for $12.5 million. Not too shabby. Well, it looks like they did it again, this time selling a 91-unit assisted living community in Lakewood, Ohio for $11.8 million, or nearly $130,000 per unit. While that price per unit will not be breaking any records, Bloom had purchased the community in 2010 for just $3.1 million out of the Sunwest Management bankruptcy. Do the math, and that is a 380% return... Read More »
Walker & Dunlop Originates Financings for Four Communities
Walker & Dunlop Managing Director Kevin Giusti and Senior Analyst Brian Neal recently originated $37.47 million in financing for four assisted living and memory care facilities: Bloom at Bluffton in Bluffton, South Carolina; Bloom at Hilton Head in Hilton Head, South Carolina; Cascades of Tucson, in Tucson, Arizona; and Regency Jackson in Jackson, Tennessee. The Bloom Portfolio consists of two assisted living and memory care homes in South Carolina with 117 total units that sold in May for $12.25 million to WindRiver Companies for a cap rate around 5.7%. Built around 20 years ago, the communities had seen occupancy decline to 70% due to the pandemic and several new communities opening... Read More »
Walker & Dunlop Lands HUD Financing For Two Senior Care Properties
Two senior care properties obtained permanent HUD financing courtesy of Walker & Dunlop to replace their original acquisition debt. Joshua Rosen led the origination team on the transactions. Cascade Capital Group acquired the 136-bed supportive living facility in Aurora, Illinois earlier this year, thanks in part to an $11.03 million nine-month bridge loan arranged by Mr. Rosen from W&D’s balance sheet, which covered 100% of the acquisition costs. Built in 1964, the community is located adjacent to a 156-bed skilled nursing facility. It is being refinanced by a $14.65 million HUD loan, so Cascade must have added some significant value to the... Read More »
Walker & Dunlop Refinances Two Senior Care Facilities
Walker & Dunlop refinanced two balance sheet loans it had provided over three years ago to two senior care facilities in Texas and Alabama. Kevin Giusti and Michael Vaughn had arranged the prior short-term loans, which came with terms up to three years, interest-only payments throughout the life of the loans and floating interest rates. Built in 2011, the Lubbock, Texas skilled nursing facility was expanded in 2013 and now features 96 private units. In 2016, it received a $15.5 million loan, which represented a 75% loan-to-value. The Huntsville, Alabama property is a CCRC that was built in 1980, with a skilled nursing facility added in 2015. It features 312 units with independent... Read More »Schedule a demo
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