KeyBank provides $159 million in acquisition financing to ReNew Investors
KeyBank Real Estate Capital Senior Vice President Laura Conway and Senior Vice President Brandon Taseff arranged over $159 million in financing to ReNew Investors and affiliated entities, for the acquisition of eight senior housing communities in Michigan, Pennsylvania and Virginia. The acquisitions were made over four transactions in January and February, and total 813 units of independent living, assisted living and memory care.
The financing comprised of $85 million in Fannie Mae loans, $16 million in Freddie Mac loans and a $58 million in bridge financing. Conway and Taseff partnered with Keybank Senior Vice President Charlie Shoop to arrange the permanent financing with Fannie Mae and Freddie Mac.
Markward Group facilitates $2 million sale of Pennsylvania site to senior housing developer
Markward Group Vice President Matt MacDonald successfully negotiated the $2.2 million sale of an eight-acre site in Bethlehem, Pennsylvania, to Rochester, New York-based Columbia Wegman Hanover. MacDonald represented the seller, the Kunsman family.
The buyer plans to develop a senior living community on the site.
Greysteel arranges $11.3 million sale of Maryland senior housing community
Baltimore, Maryland-based real estate investment services firm Greysteel completed the $11.3 million sale of Victoria Park at Edgewater, a 102-unit, 62-and-up senior housing community in Edgewater, Maryland. Greysteel President and CEO Ari Firoozabadi, Director Ari Azarbarzin, and Senior Investment Associate Henry Mathies represented the seller, Osprey Property Companies, and procured the buyer, Avanath Capital Management.
Summit Healthcare REIT acquires Indiana assisted living, skilled nursing portfolio
Lake Forest, California-based Summit Healthcare REIT acquired an interest in 14 skilled nursing/assisted living facilities throughout Indiana. The price was $125 million.
The facilities total of over 1,100 licensed beds and will be leased back to the seller on a triple net basis. The acquisition was made through a newly formed joint venture among a wholly-owned subsidiary of Summit and a global institutional asset management firm. Summit holds a 15% membership interest in the joint venture.
BookJane adds Revera as new investor
BookJane, a mobile-based application that allows users to find and book professional caregivers on demand, received an investment from Revera Innovations, through the Mississauga, Ontario-based company’s Innovators in Aging program. The three-year-old program helps entrepreneurs to build and market products, services and technology geared toward improving the lives of seniors.
Regions Bank Closes Acquisition Loan for New Hampshire Assisted Living Community
Regions Bank Healthcare Real Estate Group closed a five-year floating rate term loan for the acquisition of a stabilized 109- unit Assisted Living and Memory Care community in New Hampshire. The 107,000 square facility was built in 2008 and features 72 Assisted Living units and 37 Assisted Living units. The new owner is a joint venture which includes a Midwest based national owner/operator of senior housing properties and an institutional investor partner.
This was Regions’ second seniors housing balance sheet financing with this client.
Grandbridge Arranges $25 Million Loan for Arizona Senior Housing Community
Grandbridge Seniors Housing and Healthcare Finance Group Senior Vice President Richard Thomas, Vice President Meredith Davis and Vice President Kim Huffstutler recently facilitated the closing of a $24,975,000 agency loan secured by Thunderbird Senior Living, a 340-unit independent living and assisted living community in Glendale, Arizona.