Transactions & Financings: Strategic Student & Senior Housing Trust, BMO Harris

Strategic Student & Senior Housing Trust Snatches Up Oregon Community

Strategic Student & Senior Housing Trust, a public, non-traded real estate investment trust (REIT) sponsored by SmartStop Asset Management, has for $92 million acquired Courtyard at Mt. Tabor, a 286-unit senior housing community in Portland, Oregon.

Strategic Student & Senior Housing Trust plans to break ground on an expansion project later this year that will add an additional 23-unit memory care building to the community.

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The owners and developers of the community chose to sell the property after a 25-year ownership stint. Blueprint Healthcare Real Estate Advisors’ Dan Mahoney lead the disposition along with Jacob Gehl and Blake Bozett.

BMO Harris Acts as Sole Lender for $51 Million Term Facility for Arcapita, Senior Care Development, and LCS

BMO Harris Bank’s healthcare real estate Finance group has closed on a $51 million facility for Arcapita, Senior Care Development, and LCS.

The facility is meant to finance the recapitalization of Sedgebrook, a continuing care retirement community (CCRC) with 467 independent living, 38 assisted living and 84 skilled nursing units in Lincolnshire, Illinois.

Senior Care Development and Fundamental Advisors first purchased Sedgebrook in 2010. The later recapitalization of the property brought in Arcapita and LCS as investors.

Love Funding Secures $20.1 Million for Construction of Assisted Living Community in Alaska

Love Funding has closed a $20.1 million bridge loan for the construction and financing of Baxter Senior Living, a new assisted living facility set to open in Anchorage, Alaska.

Baxter Senior Living will be private-pay, with 63 private assisted living units and 33 private and semi-private memory care units in a purpose-built, private-pay facility. Amenities include a theater, cafe, pub, fitness studio and art center.

The bridge financing was secured by Love Funding Senior Director Holly Bray, with funding provided by Love Funding’s parent company, Midland States Bank. First National Bank Alaska also served as a participant in the loan.

CBRE Arranges Financing for Acquisition of Michigan Community

CBRE National Senior Housing recently arranged asset sale and acquisition financing for Shorehaven, a 120-unit assisted living community in Sterling Heights, Michigan.

CBRE, arranged the $15.5 million loan through its its Freddie Mac Seller Servicer direct lending program.

Lisa Widmier, executive vice president of CBRE National Senior Housing, represented the seller, a publicly traded REIT. Aron Will, Vice Chairman of CBRE National Senior Housing, arranged the acquisition financing on behalf of CPF Living Communities,  a senior living private equity fund.

Moving forward, the property will be operated by Grace Management, which is CPF Living’s wholly owned management affiliate.

 

Marcus & Millichap Announces Sale of Tennessee Community

Commercial real estate investment services firm Marcus & Millichap recently announced the sale of East Ridge Residence, a senior housing property located in East Ridge, Tennessee. The 136-unit independent living community sold for $3,600,000.

Richard Lynn, an investment specialist with Marcus & Millichap, marketed the property on behalf of the seller, a partnership. The buyer, another partnership, was also secured and represented by Lynn. Regional Manager Joseph McKibben assisted in closing the transaction as the broker of record for the state.

Bellwether Enterprise Named Freddie Mac Seniors Housing Lender

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, was recently approved as a senior housing lender for Freddie Mac.

Bellwether Enterprise joins only 17 other seller servicers that can offer Freddie Mac loans secured for independent living, assisted living, memory care, and some skilled nursing facility properties.

Sodexo’s Entegra Forms Partnership With Dining Alliance

Sodexo, and its affiliate Entegra Procurement Services, have struck a partnership with Dining Alliance as part of the newly launched Buyers Edge platform. The platform reaches 45,000 provider locations.

Under the new deal, Entegra’s portfolio of supplier agreements will be paired with custom agreements negotiated by the Buyers Edge platform team and the Sodexo purchasing team.

Entegra Procurement Services provides procurement management solutions for clients in industries including hospitals, senior housing, education, faith-based, travel, sports and leisure, hospitality and restaurants.

HJ Sims Refinancing Provides Debt Service Savings and Liquidity Relief for Campus Repositioning Project

Investment bank and wealth management firm HJ Sims has closed $14,015,000 in financing for Burcham Hills, a life plan community in East Lansing, Michigan.

Burcham Hills consists of 164 independent living, assisted living and memory care units and a 133-bed skilled nursing facility. The planned repositioning project will include renovations and introduce an entrance fee independent living option.

For the project, Sims recommended a fixed-rate, tax-exempt bond issue. It also arranged a commercial lending commitment for financing of the project, which is expected to close later this year.

Written by Tim Regan

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