Transactions and Financings: Apollo’s $1 Billion Fund, Spectrum’s $100 Million Fund

Apollo Global Management Targeting $1 Billion Fund

Apollo Global Management is reaching out to investors about its third real estate fund, according to Bloomberg. And it is shaping up to be a big one.

Apollo, which recently completed a $264 million acquisition of 17 senior housing communities from HCP,  wants to raise at least $1 billion for the fund, and is targeting gross returns of 18% by investing in senior housing, grocery-anchored retail, hotels, industrial and manufactured housing.

Capital One Arranges $118.3 Million Loan For Senior Housing Portfolio

Capital One arranged a $118.3 million Fannie Mae adjustable-rate loan to an investment vehicle managed by Seattle-based alternative investment firm, Columbia Pacific Advisors. The proceeds were used to acquire fee interest in a previously leased four-property portfolio of independent living communities in California, Massachusetts, and North Carolina, totaling 518 units.

The portfolio consists of El Dorado Estates in El Dorado Hills, California; Fairview Estates in Hopkinton, Massachusetts; Providence Meadows in Charlotte, North Carolina; and Williams Place in Davidson, North Carolina.

Spectrum Retirement Communities Marketing Senior Living Community Fund

Denver-based Spectrum Retirement Communities is marketing a senior living community fund, according to SEC documents. Spectrum Development Opportunity III has a minimum investment of $2 million, and Spectrum has already raised $60.5 million with a target of $100 million. It will invest in assisted living and memory care facilities across the country.

Jonathan Rose Companies, NHP Foundation Acquire New York Affordable Senior Housing For $150 Million

The Jonathan Rose Companies, the NHP Foundation and Nuveen acquired Shore Hill Housing, a two-building, 558-unit HUD project-based Section 8 affordable senior housing complex located at 9000 Shore Road in the Bay Ridge section of Brooklyn for approximately $150 million from NYU Langone. The property consists of two interconnected 14-story towers, with a unit mix of 325 studios and 233 one-bedrooms.

The acquisition was financed by a $102 million Freddie Mac loan arranged through PGIM Real Estate Finance. The Rose Affordable Housing Preservation Fund IV, along with joint venture non-profit partner, NHPF, and co-investor Nuveen, a TIAA Company, will invest $52 million of equity in the property.

HFF Arranges $31 Million For Colorado Independent Living Community

A Holiday Fenoglio Fowler (HFF) team led by Directors Nicole Brickhouse and Leon McBroom arranged a $31 million financing package for Province Springs, a 160-unit, 55+ age-restricted luxury independent living community in Colorado Springs, Colorado. The HFF team worked exclusively on behalf of the borrower, Paxion Real Estate Holdings, an affiliate of The Wolff Company, to secure floating-rate bridge financing.  Loan proceeds were used to retire existing construction financing.

PGIM Real Estate Finance Provides $10 Million Refinancing For Florida Senior Housing Property

PGIM Real Estate Finance Principal Christopher Fenton provided a $10 million Freddie Mac loan to Watercrest Senior Living Group to refinance its Pelican Landing community in Sebastian, Florida. The loan carries a variable rate, seven-year term and 20 years of amortization.

Love Funding Arranges $4.8 Million Refinancing For North Carolina Senior Housing Community

Love Funding Director Ken Charbauski secured a $4.8 million loan for the refinancing of Grayson Creek Apartments, an assisted living and memory care community in Lexington, North Carolina consisting of 42 private and shared units. Charabuski arranged the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan insurance program. The mortgage insurance allows Love Funding to provide low-rate, non-recourse financing for a 35-year term.

Senior Housing Management Assuming Management Of Two Midwest Communities

Cedar Rapids, Iowa-based Senior Housing Management is assuming management responsibilities of two senior housing communities. Garden View Senior Community, a 34-apartment independent living, assisted living and memory care community in Monona, Iowa, was sold by the Monona city council to local investors. Senior Housing Management will assume management on January 2, 2019.

Whispering Oak Assisted Living Community, an established retirement community in Ellendale, Minnesota, will soon be known by Whispering Oak Place, to mirror the existing group of communities Senior Housing Management currently operates. The company will assume management of the property on December 15.

Vincentian Collaborative System Selects K4Connect As Technology Partner For Newest Community

Vincentian Collaborative System, a CMS five-star rated not-for-profit health care and human services organization with ministries across Allegheny County, Pennsylvania, and K4Connect, a mission-centered technology company that creates solutions for older adults and individuals living with disabilities, announced a partnership to deploy K4Connect’s smart senior living solution, K4Community, at Terrace Place, Vincentian’s new active 55+ community in Pittsburgh’s North Hills.

Along with residents being able to manage multiple aspects of their lives from a single, easy to use solution, Terrace Place residents will also benefit from K4Connect’s recently announced integration with Amazon Alexa, allowing residents to easily access community content and manage smart home automation using only their voice.

Written by Chuck Sudo