Transactions & Financings: Welltower’s $3 Billion Revolving Credit Facility

Welltower Secures $3 Billion Revolving Credit Facility

Welltower Inc. (NYSE: WELL) recently entered into a credit agreement that consists of a $3 billion unsecured revolving credit facility, a $500 million unsecured term credit facility and a CAD 250 million unsecured term credit facility.

The Toledo, Ohio-based health care real estate investment trust (REIT) reached the agreement with a consortium of 31 banks.

The maturity date for the revolving facility is July 19, 2022, and the maturity date for each of the USD Term Facility and CAD Term Facility is July 19, 2023.

Blueprint Arranges Sale of 50-Unit Assisted Living Community

Blueprint recently arranged the sale of a 50-unit assisted living community in Boardman, Ohio, called Commons at Greenbriar.

Blueprint executed the sales process on behalf of a national skilled nursing provider and publicly traded real estate investment trust (REIT).

The buyer was EDM Management, Inc., a property management and consulting services company headquartered locally in Boardman. EDM intends to invest in a number of capital improvements and a potential expansion to competitively position the community among the area’s newer competition.

Ben Firestone, Michael Segal, and Connor Doherty acted as the lead advisors on the transaction.

Harborview Capital Partners Arranges $196 Million HUD Loan to Refinance Senior Care Portfolio

Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, recently arranged a $196 million HUD 232/223F refinance loan for 13 skilled nursing and assisted living communities for a large regional provider.

The portfolio comprises about 1,700 licensed beds. Principals Ephraim and Jonathan Kutner originated the loan.

Capital One Closes $36.6 Million Acquisition Loan for Meridian Senior Living

Capital One recently provided a $36.6 million adjustable-rate loan to finance the purchase of a portfolio of three senior living communities in Ohio. The properties were developed by Alcore Senior and are owned by an affiliate of Meridian Senior Living, the new operator of the communities.

Greystone Closes $17 Million Sale of Two Memory Care Communities in New York

Commercial real estate lending, investment, and advisory firm Greystone announced its Real Estate Advisors group closed the $17 million sale of two 46-unit memory care communities in upstate New York: Peregrine Senior Living at Clifton Park and Peregrine Senior Living at Orchard Park.

A private equity group bought the communities from a publicly-traded REIT on June 29. Going forward, Peregrine Senior Living will continue to manage the communities. Mike Garbers and Cody Tremper represented the seller in the deal.

Capital One Closes $242.7 Million Loan to Recapitalize Seniors Housing Portfolio

Capital One recently acted as sole lead arranger, sole bookrunner, and administrative agent on a $242.7 million senior secured term loan for a joint venture managed by Seattle-based alternative investment firm, Columbia Pacific Advisors. The proceeds were utilized to facilitate the recapitalization and purchase of a portion of the joint venture’s assets including 18 seniors housing communities in 11 states.

The 2,310-bed portfolio is made up of 196 independent living, 1,257 assisted living, 378 memory care, and 479 skilled nursing beds.

Written by Mary Kate Nelson