Transactions & Financings: ORIX USA, Midcap Financial

Griffin-American Healthcare REIT IV Purchases 53-Unit Assisted Living Community in Missouri

Real estate investment trust Griffin-American Healthcare REIT IV, Inc. recently acquired the 53-unit Pinnacle Warrenton Assisted Living Facility in Warrenton, Missouri, for $8.1 million.

The seller was Warrenton Clearpath Property Investment, LLC, an unaffiliated third party represented by Senior Living Investment Brokerage’s Jeff Binder.

The deal was completed pursuant to a joint venture with an affiliate of Washington, D.C.-based Meridian Senior Living, which is planning to operate the community on a daily basis. Griffin-American Healthcare REIT IV owns about 98% of the joint venture and acts as its managing member. The community was purchased under a RIDEA structure.

The acquisition of Pinnacle Warrenton Assisted Living Facility grows the joint venture relationship between Griffin-American Healthcare REIT IV and Meridian Senior Living to 12 senior living communities located in Texas, Florida and Missouri.

Griffin-American Healthcare REIT IV financed the purchase using cash on hand and borrowings under its revolving line of credit with Keybank, National Association and Bank of America, N.A.

IPA Arranges Sale of Senior Housing Portfolio in Tennessee and Arkansas

Institutional Property Advisors (IPA) recently arranged the sale of a three-property, 174-unit senior housing portfolio located in Arkansas and Tennessee, REJournals.com reported. The seller was a joint venture between Life Care Services and Harrison Street Real Estate Capital.

IPA’s Mark Myers, Joshua Jandris and Matthew Andriano arranged the deal. Additionally, IPA’s Jordyn Berger and Jim Nahal arranged a 75% bridge-to-HUD loan via Dwight Capital on behalf of the buyer, an owner/operator headquartered in the Southwestern United States.

Senior Housing Management Begins Operating Mayvil in Cedar Rapids, Iowa

Mayvil, a residential care facility in Cedar Rapids, Iowa, is now under the management of Senior Housing Management, which is also based in Cedar Rapids.

“As Iowa’s largest retirement living management company, we couldn’t be happier to welcome Mayvil to our family of communities,” Senior Housing Management’s Senior Housing Vice President Allison Law said in a press release. “Senior Housing Management operates under the philosophy of ‘rolling out the red carpet’ for all who live, work and visit our communities. It is our hope that you will feel this hospitality and see the positive impact of our standards and expectations when you visit Mayvil.”

Lancaster Pollard and ORIX Close $16.7 Million Construction Financing for Brickmont Assisted Living

ORIX Corporation USA and Lancaster Pollard recently closed $16.7 million in construction financing for Brickmont John’s Creek, a planned 120-unit assisted living and memory care community in John’s Creek, Georgia, that will be owned and managed by Brickmont Assisted Living.

Rob Wetzler, managing director, and Ben Forrest, director, led the transaction for ORIX USA. Conner Girdley led the transaction for Lancaster Pollard.

Brickmont Assisted Living has three additional communities open or under development.

Midcap Financial Provides $4.23 Million Loan to Mission Senior Living 

Commercial finance company Midcap Financial recently closed a deal with Carson City, Nevada-based senior housing operator Mission Senior Living.

Specifically, MidCap provided a $4.23 million first mortgage floating rate loan with a term of three years.

Kayne Anderson Receives $200 Million Mortgage for Planned Community in New York City

Private equity firm Kayne Anderson Real Estate Advisors recently secured a $200 million mortgage for a 15-story building in Brooklyn Heights, New York, The Real Deal reported.

The new debt surplants a $106.7 million loan from Wells Fargo. Chicago-based BMO Harris Bank—the lender for the new mortgage—assumed the existing loan on the property, and provided a $40.4 million project loan and a $52.9 million construction loan.

Kayne Anderson plans to transform the Brooklyn Heights building into a high-end senior housing community.

Written by Mary Kate Nelson