Transactions & Financings: Details Emerge On $264 Million HCP-Apollo Portfolio Sale

Cushman & Wakefield, KeyBank Assist In HCP, Apollo Global On $264 Million Portfolio Trade

HCP (NYSE: HCP) announced during its Q3 earnings call last month it completed the $264 million sale of 17 senior housing communities to an investment fund managed by affiliates of Apollo Global Management. Last week, more details emerged of the other firms involved in the sale.

KeyBank Real Estate Capital arranged $291 million in financing on behalf of affiliates of Apollo Global Management, to acquire the portfolio. KeyBank arranged the financing in two tranches, through Freddie Mac. The properties, which total 2,193 units, will be operated by Eclipse Senior Living. KeyBank Healthcare Commercial Mortgage Group Senior VP Charlie Shoop, along with KeyBank Institutional Real Estate Group Senior VP Tim Sylvain and VP Brandon Taseff, facilitated the transaction.

Commercial real estate firm Cushman & Wakefield (NYSE: CWK) advised HCP on the sale. The team involved in the transaction included Cushman & Wakefield Senior Housing Capital Markets Group Vice Chairman Richard Swartz, Executive Director Jay Wagner, Director James Dooley and Associate Sam Dylag.

SMF Arranges $22.1 Million Refinancing Package

HJ Sims affiliate Sims Mortgage Funding (SMF) closed a $22,128,000 refinance loan for an Washington, D.C. memory care facility owned and operated by Artis Senior Living. The loan was insured under HUD’s Section 232/223(f) program and was underwritten at 64% of the appraised market value.

HJ Sims Arranges $17.5 Million Refinancing

HJ Sims completed a $17.5 million financing package on behalf of United Methodist Homes (UMH) for the expansion of its Brooks Estate senior living community, on the Wesley Village Campus in Pittston, Pennsylvania. Sims assisted assisted UMH and its existing bank partner, Citizens, in assessing the financing structuring options, including net financing needs, the timing of the application of UMH’s equity contribution relative to bank financing, amortization structures and related annual debt service and assuming the use of fixed rate financing.

Blueprint Advises In Philadelphia Assisted Living, Memory Care Sale

Blueprint Healthcare Real Estate Advisers advised its client, a publicly traded REIT, in the sale of two assisted living and memory care communities on the Philadelphia High Line. Founding partner and Senior Managing Director Ben Firestone and Managing Director Michael Segal led the transaction.

ESI Arranges Sale Of Nevada Memory Care Community, Secures Tenant For North Carolina AL Facility

Evans Senior Investments (ESI) represented the seller, a publicly traded company, in the $2.1 million sale of Vintage Park at San Martín, a 30-unit memory care community in Las Vegas. The buyer was a national private equity firm with a local footprint in the Las Vegas area.

ESI also procured the tenant and represented the lessor for a lease of a 45-unit assisted living facility in Clemmons, North Carolina. The new lessee is a regional owner and operator.

CBRE Secures Acquisition Financing For Cincinnati/Kentucky Portfolio

CBRE National Senior Housing Vice Chairman Aron Will and Vice President Adam Mincberg arranged acquisition financing on behalf of a joint venture of LCS Real Estate and Nuveen the purchase of three senior housing communities, totaling 328 units, in Lexington, Kentucky and Cincinnati, Ohio. Of the total units, 232 units are Assisted Living and 96 unit are Memory Care. The communities in the Portfolio were delivered between mid-2016 and late 2017 and are in varying stages of lease-up.

KeyBank Arranges Construction, Acquisition Financing For SHAG

Keybank’s Community Development Lending & Investment (CDLI) and Commercial Mortgage groups arranged construction and permanent financing on behalf of Seniors Housing Assistance Group (SHAG) for the acquisition and rehabilitation of Sunset Garden Apartments, a 276-unit affordable seniors housing property serving those aged 62 or older in Puyallup, Washington. KeyBank CDLI team provided a $28.5 million construction loan, while the Commercial Mortgage group provided a $24 million fixed-rate loan through Fannie Mae, with a 15-year term and two years of interest only. Senior Vice Presidents Victoria Quinn and Fred Dockweiler partnered on the transaction.

Written by Chuck Sudo