Grandbridge Arranges $248 Million Senior Housing Credit Facility
The Seniors Housing and Healthcare Finance Group at Charlotte, North Carolina-based Grandbridge Real Estate Capital recently arranged the closing of a $247,629,500, 11-community senior housing credit facility.
The loan was originated by Senior Vice President Richard Thomas and the Seniors Housing and Healthcare Finance Group, and funding was provided via Fannie Mae’s Green Rewards program.
Blueprint Arranges $13.5 Million Sale of Senior Housing Community in Ohio
Blueprint recently arranged the $13.5 million sale of Shaker Gardens, a 172-unit/bed assisted living and skilled nursing community in Shaker Heights, Ohio. The seller was a private equity investment firm; the buyer was “a well-capitalized, New York-based private owner-operator,” according to a press release.
This represents the buyer’s first health care acquisition in Ohio.
The transaction was handled by Blueprint’s Ben Firestone, Connor Doherty and Michael Segal.
LTC Properties Announces $25 Million Sale-Leaseback of Two Memory Care Communities in Texas
California-based real estate investment trust (REIT) LTC Properties, Inc. (NYSE: LTC) recently announced the $25.2 million sale-leaseback acquisition of two memory care communities in Texas, comprising 88 units and 133 beds. The properties were owned and will continue to be managed by Koelsch Communities under a new, 10-year master lease at a starting cash yield of 7.25%.
Riverside Inn in Fort Worth, Texas, is a 68-bed, 42-unit memory care community. Saddle Brook in Frisco, Texas, is a 65-bed, 46-unit memory care community.
“We are excited to be working with Koelsch as our newest operating partner. Koelsch has been successfully operating seniors housing properties for 60 years,” Wendy Simpson, LTC’s chairman and CEO, said in a press release. “As a strong regional operator with a solid balance sheet, they represent exactly the type of strategic partner we want to work with to enhance our portfolio.”
LCS Acquires Arbor Glen CCRC in New Jersey
Des Moines, Iowa-based LCS recently acquired Arbor Glen—a 299-unit life plan community in Bridgewater, New Jersey—from Friends Retirement Concepts, Inc. The purchase prices was not disclosed.
The community’s name has changed from Arbor Glen to Laurel Circle.
LCS Real Estate facilitated the deal and Life Care Services will provide operational services. LCS plans to invest $8 million for capital improvements to the community.
Live Oak Bank Closes Two Senior Housing Acquisitions
Wilmington, North Carolina-based Live Oak Bank recently closed the $9.5 million construction loan for a 75-bed assisted living and memory care community in Cartersville, Georgia, as well as $2.2 million acquisition financing for an assisted living community in a suburb of Seattle, Washington.
Written by Mary Kate Nelson