Transactions & Financings: MedCore Buys $98 Million Portfolio; Walker & Dunlop’s $43 Million Financing

MedCore Partners completes $98 million portfolio acquisition in Utah, Arizona

MedCore Partners, along with SunTrust Bank and Trinity Private Equity Group, acquired a 409-unit assisted living and memory care portfolio in four markets across Arizona and Utah. The total acquisition cost was $98 million.

The communities include assisted living and memory care assets:

  • Caliche Senior Living in Casa Grande, Arizona (105 units)
  • Joshua Springs Senior Living in Bullhead City, Arizona (104 units)
  • White Cliffs Senior Living in Kingman, Arizona (103 units)
  • Summit Senior Living in Kearns, Utah (97 units)
Utah Senior Living Courtesy of MedCore Properties
Summit Senior Living in Kearns, Utah is part of portfolio acquisition by MedCore Properties

Immediately upon closing Watermark Retirement Communities took over the management of each of the portfolio. This transaction is the first tranche of a $130 million portfolio acquisition of five properties and 531 total units. The fifth and final property is currently under construction, and MedCore is slated to close on this community in May when construction is expected to be completed.

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Walker & Dunlop arranges $43M in financing for three communities

Walker & Dunlop’s s Kevin Giusti, Michael Davis, and Jeff Ringwald originated $42.6 million in financing for three assisted living and memory care communities across the U.S., totaling 240 units.

For the Rawlin at Riverbend, a dedicated memory care facility in Springfield, Oregon, Walker & Dunlop arranged a $13.5 million refinance through Freddie Mac. After a short period of stabilization, the loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of their equity while providing a 15-year, fixed rate loan..

The team also structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located in Mesa, Arizona which is managed by Avista Senior Living and owned by Ahlstrom Investments. Prior to the property’s full stabilization, the team secured a 10-year, fixed rate while recapitalizing the property owner’s equity.

The third property, Dutch Haven Assisted Living in Maurertown, Virginia, received $3.3 million in refinancing through Freddie Mac’s 232/223(f) program for health care properties.

Lancaster Pollard completes two financings

Lancaster Pollard completed the following transactions:

  • Brad Competty and Brendan Healy assisted Riverview Health with the refinance of two of its communities in Detroit: Riverview Jefferson, a 176-unit community, and Riverview Health & Rehab, a 180-unit community. Lancaster Pollard obtained two loans via the FHA Sec. 232/223(f) program to refinance the existing debt on the properties, as well as provide funds for the reimbursement of prior capital expenditures and replacement reserves.
  • Brad Competty, Casey Moore and Doug Harper assisted a continuing care retirement community (CCRC) in the Midwest refinance with a $42 million Fannie Mae loan with a 12-year term that features a fixed interest rate.

Metropolis Property Group assists in $20 million sale of New York senior housing conversion

Metropolis Property Group’s A.J. Johnston represented Greenbriar Associates in the $20.25 million sale of a 170-key Residence Inn Hotel in Plainview, New York to Capitol Seniors Housing. Capitol plans to spend an additional $12 million to convert the hotel into a 111-unit senior housing community.

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Gold Standard of Care sells Florida assisted living facility

Aventura, Florida-based senior housing owner-operator Gold Standard of Care sold Renaissance Gardens, a 60-unit former assisted living community in St. Petersburg, Florida, to a local hotelier. The buyer will reconvert the property into a hotel.

New Perspective Senior Living acquires Minnesota assisted living community

New Perspective Senior Living acquired New Perspective — Carlson Parkway, a senior housing facility in Minnetonka, Minnesota comprising of 87 assisted living and 35 memory care apartments. This brings Eden Prairie, Minnesota-based New Perspective’s portfolio to 22 communities in Minnesota, North Dakota, Illinois and Wisconsin.

CBRE facilitates sale of Arizona senior living community

CBRE National Seniors Housing Vice Chairman Matthew Whitlock represented the seller, an Irvine, California-based affiliate of MBK Senior Living, in the sale of The Country Club of La Cholla, a 217-unit independent and assisted living community in Tucson, Arizona. CBRE National Seniors Housing Vice Chairman Aron Will arranged acquisition financing for the buyer, Chicago-based CPF Living Communities.

CBRE arranges financing for Nebraska assisted living facility

CBRE National Seniors Housing Vice Chairman Aron Will and First Vice President Austin Sacco arranged a 10-year, $11.9 million loan on behalf of a joint venture between the Hegg Companies and Paradigm Senior Living for Esprit Whispering Ridge, a 91-unit assisted living and memory care community in Omaha, Nebraska.

Capital One arranges acquisition financing for two portfolio sales

Capital One Healthcare Managing Director Kristen Ahrens arranged a bridge on behalf for a joint venture of Bridge Investment Group Partners and Principle Senior Living Group (PSLG) toward the acquisition of a four-asset, 251-unit seniors housing portfolio in Florida and Georgia. PSLG will continue to manage the portfolio. The properties are operated under the Benton House brand.

Ahrens also arranged a bridge loan to Bridge Investment Group Partners for the acquisition of an eight-asset, 1,359-unit seniors housing portfolio from Somerby Senior Living. Somerby, an affiliate of Dominion Partners, is a leading operator of senior housing communities.  The properties are located in Alabama, Florida, Georgia, South Carolina and Tennessee, and Somerby will continue to manage the portfolio.

Hunt Real Estate Capital completes $7 million acquisition financing package

Hunt Real Estate Capital Director Brady Johnson, Senior Managing Director Kathryn Burton Gray and Vice President Michael Jones completed a $7 million bridge loan to finance the acquisition of Hawthorne Court at Ahwatukee is a 44-unit memory care facility in Phoenix, Arizona. Blueprint Healthcare Real Estate Advisors Senior Managing Director Jacob Gehl, Senior Associate Amy Sitzman and Senior Associate Giancarlo Riso represented the seller, a REIT joint venture, and identified the buyer, CALCAP Advisors.

Blueprint sells California assisted living community

Blueprint Healthcare Real Estate Advisors Senior Managing Director Jacob Gehl and Senior Associate Scott Frazier facilitated the sale of Ashley Place, a 145-bed assisted living community in Lodi, California. The buyer, a joint venture between a Northern California-based operator and Atlantis Senior Living, plan to implement significant renovations to the community, including the introduction of memory care.

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