Transactions & Financings: Blueprint, Phoenix Senior Living

Phoenix Senior Living Acquires Three Senior Living Communities

Phoenix Senior Living recently assumed management of* three senior living communities in Atlanta, Georgia: Addington Place of Johns Creek, Addington Place of Alpharetta, and Manor on the Square.

Phoenix officially began managing these communities on January 1. Consequently, Phoenix Senior Living now operates eight communities in the Southeast, and has three more communities under construction.


Blueprint Arranges Sale of Wisconsin Senior Living Community 

Blueprint Healthcare Real Estate Advisors recently announced successful sale of Fountain View Care Center and Wolverton Glen Assisted Living, a senior housing community in Ripon, Wisconsin.

Blueprint was engaged by a publicly-traded real estate investment trust (REIT) seeking to wind down an operator relationship. An owner-buyer was chosen to acquire the community.


Blueprint’s Ben Firestone and Michael Segal handled the transaction.

NorthMarq Capital Secures Loan for Senior Living Community in Washington

Stuart Oswald, senior vice president/managing director of NorthMarq Capital’s Seattle regional office, recently arranged a loan on Quail Park of Lynnwood, a 130-unit senior housing community in Lynnwood, Washington.

The deal was structured with a seven-year term on a 30-year amortization schedule, with two years interest only. NorthMarq arranged financing for the borrower via its seller-servicer relationship with Freddie Mac.

The refinance permitted for cash out to be utilized for the development of the second and third phases and repaid an existing Freddie Mac loan that NorthMarq originated for the prior owner.

Chicago Pacific Founders Acquire Senior Living Community in Jacksonville, Florida

Cushman & Wakefield’s Senior Housing Capital Markets Group, exclusively advising the Carlyle Group, recently arranged the sale of Camellia at Deerwood to Chicago Pacific Founders.

The 189-unit independent living, assisted living and memory care community in Jacksonville, Florida will be managed by Grace Management.

The Cushman & Wakefield team involved in the deal included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, and Director Jim Dooley. In addition to the sale, Jay Wagner and Jim Dooley are arranging acquisition financing on behalf of Chicago Pacific Founders that will be placed on the community post-closing.

Berkeley Point Capital Closes $8.9 Million Loan for Michigan Senior Housing Community

Berkeley Point Capital recently closed an $8.9 million FHA 232/223(f) loan to refinance a 66-unit senior housing community in Bay City, Michigan, called Sheffield Bay Assisted Living & Memory Care.

Berkeley Point Capital’s Mickey Rist led the transaction, REJournals reported.

Cushman & Wakefield Arranges $20.6 Million Financing for Senior Housing Community in California

Cushman & Wakefield Senior Housing Capital Markets Group recently arranged $20.6 million in financing for Clearwater at Sonoma Hills, a 90-unit/104-bed assisted living and memory care community to be developed and managed by Clearwater Living in Rohnert Park, California.

PNC Bank provided the financing.

The Cushman & Wakefield team involved in the deal includes Executive Managing Director Richard Swartz, Director Timothy Hosmer, Senior Director Aaron Rosenzweig and Associate Alex Petrosian.

Ziegler Closes $70.2 Million Bond Financing for 651-Unit CCRC in Phoenix

Ziegler recently closed $70.2 million in bond financing for The Beatitudes Campus, a 651-unit nonprofit continuing care retirement community (CCRC) in Phoenix.

The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development expenses for renovations, and fund a debt service reserve fund.

CBRE Arranges Sale of Six LCS Communities in Dallas

CBRE National Senior Housing recently arranged the investment recapitalization, asset sale and acquisition financing for a six-property, 1,234-unit independent living, assisted living, memory care and skilled nursing portfolio located in the Dallas MSA.

Lisa Widmier, executive vice president of CBRE National Senior Housing, represented the seller, a partnership between LCS and an institutional investor.

Imran Ahmed, executive managing director of CBRE Capital Advisors, aligned strategic investment recapitalization on behalf of the buyer, Aspect Investment Partners and LCS.

Aron Will, vice chairman of CBRE National Senior Housing, arranged acquisition financing on behalf of the joint venture between Aspect and LCS. Post-close, Life Care Services, the management arm of LCS, will keep operating the six communities.

CBRE secured a total of $120.2 million in loan proceeds for the portfolio. CBRE, through its Freddie Mac Seller Servicer direct lending program, provided financing for two of the six assets by securing a $39.2 million, fixed rate, 10-year loan with 72 months of interest only. For the other four assets in the portfolio, CBRE secured an $81 million, non-recourse, five-year floating rate loan with 36 months of interest only from two national banks.

Written by Mary Kate Nelson

*Editor’s note: This article previously stated that Phoenix Senior Living acquired three communities in Atlanta, Georgia; that is incorrect. Instead, Phoenix Senior Living assumed management of the three communities.

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