Transactions & Financings: Charter Senior Living, Grandbridge Seniors Housing

KeyBank Originates Financing for Chicago Pacific Founders Acquisition

KeyBank Real Estate Capital recently originated the $14.4 million Fannie Mae financing for Chicago Pacific Founders’ purchase of Parkrose Estates Retirement Community, a 100-unit senior housing community in Liverpool, New York.

Charlie Shoop of Key’s Commercial Mortgage Group arranged the financing, which provided a low-cost, floating-rate loan with four years of interest-only payments and flexible prepayment options.

Blueprint Arranges Sale of 142-Unit Community in Texas

Blueprint Healthcare Real Estate Advisors recently arranged the sale of Royal Estates, a 142-unit assisted living and independent living community in El Paso, Texas. When the sale started, occupancy at the community was at 73%.

The buyer, Palatine Capital Partners, is a Miami, Florida-based real estate private equity firm owned by Alex Hurst, with $1.3 billion in assets under management. 

The transaction was led by Jacob Gehl and supported by Giancarlo Riso. The purchase price was not disclosed.

JCH Senior Housing Arranges $7.4 Million Senior Housing Sale

JCH Senior Housing Investment Brokerage has arranged the sale of Riverwest Senior Living, a 65-unit independent living and assisted living community in Wenatchee, Washington, for $7.4 million.

The sellers, senior housing industry veterans, engaged JCH to confidentially dispose of the community. The buyer was a 1031 exchange buyer from the Pacific Northwest

JCH’s Jim Hazzard and Nick Stahler acted as the lead agents on the transaction.

CBRE Arranges $37 Million Financing for Community in Arizona

Aron Will, vice chairman of CBRE National Senior Housing, Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Jesse Weber, executive vice president of CBRE Multifamily Institutional Group, recently arranged financing on behalf The Reliant Group for Andara Senior Living, a 170-unit independent and assisted living community in Scottsdale, Arizona.

Specifically, through its Freddie Mac Seller Servicer direct lending program, CBRE secured a $37 million, seven-year fixed-rate loan with 36 months of interest only.

The Class A community was originally purchased by Reliant in 2013 as part of an off-market transaction from the original developer. Reliant engaged Chicago-based Senior Lifestyle Corporation as the community’s third-party operator and executed a significant capital improvement program. 

Charter Senior Living Chosen as Manager of Illinois Community

Chicago-based senior living owner and operator Charter Senior Living has acquired and will be operating Paradise Park Assisted Living & Memory Care, which is located in Fox Lake, Illinois.

The name of the community will change to The Cottages of Fox Lake – A Charter Senior Living Community. Charter Senior Living intends to infuse more than $1 million in a phased renovation of the asset.

CBRE Arranges Sale and Financing for MorningStar Community

CBRE National Senior Housing recently arranged both the asset sale and acquisition financing for MorningStar of Littleton, an 85-unit, Class A assisted living and memory care community in Littleton, Colorado.

Lisa Widmier, executive vice president of CBRE National Senior Housing, represented the seller, an institutional investor. Aron Will, vice chairman of CBRE National Senior Housing, arranged the acquisition financing on behalf of a joint venture between MorningStar Senior Living and Kayne Anderson Real Estate.

CBRE Multifamily Capital originated a $20.5 million, 10-year fixed-rate loan, with full-term interest only via its Fannie Mae DUS Multifamily loan origination program.

The community will continue to be operated by MorningStar post-close.

Grandbridge Arranges $14.9 Million Freddie Mac Loan for Community in Florida

Grandbridge Seniors Housing and Healthcare Finance Group recently arranged the closing of a $14.9 million Freddie Mac mortgage loan secured by Crossings at Riverview in Riverview, Florida. The loan, which closed in late 2017, has a 10-year term and a 30-year amortization.

The loan was originated by Senior Vice President Richard Thomas and Vice President Meredith Davis. 

Crossings at Riverview has 92 senior housing units. 

Waypoint Residential Acquires 82-Unit Senior Living Community in Mississippi

Real estate investment firm Waypoint Residential recently acquired The Claiborne at Adelaide, an 82-unit senior housing community in Starkville, Mississippi.

This acquisition is Waypoint’s second investment in the senior housing sector. 

MidCap Closes Mortgage Loan for Senior Living Community in Florida

Commercial finance firm MidCap Financial recently closed a transaction with Zon Living Concepts, LLC, a senior housing and care company that owns and operates Zon Beachside, a Class A assisted living and memory care community in Indian Harbour Beach, Florida.

The $19.4 million floating rate first mortgage loan is expected to pay off existing first mortgage and mezzanine debt, as well as finance the purchase of an adjacent structure and the construction of an additional 31 units at the community to bring the total unit count to 115 units.

Additionally, the new addition will permit Zon to add more amenities at the property.

Written by Mary Kate Nelson