CBRE arranges $65 million acquisition financing for Virginia CCRC
CBRE National Senior Housing Vice Chairman Aron Will and First Vice President Austin Sacco arranged a $65.2 million acquisition financing package for The Virginian, a 306-unit rental continuing care retirement community (CCRC) in Fairfax, Virginia. Will and Sacco worked on behalf of Focus Healthcare Partners to secure the financing through BMO Harris Bank’s Healthcare Finance Group.
The five-year, non-recourse floating rate loan carries 48 months of interest only. The property will be managed Life Care Services (LCS) under a third-party licensing agreement.
CIT Group arranges $64 million refinancing for Florida assisted living communities
CIT Group’s (NYSE: CIT) health care finance division arranged a $64 million refinancing package for three assisted living and memory care communities, totaling 350 units, in Florida, on behalf of Virtus Real Estate Capital. The communities are located in Clermont, Stuart and Tavares, Florida.
SunTrust completes $37M financing for Mississippi CCRC
SunTrust Banks (NYSE: STI) arranged a $37.5 refinancing package for the expansion of The Orchard, a continuing care retirement community located in Ridgeland, Mississippi. The funding will allow The Orchard to refresh existing community spaces with cosmetic upgrades and construct a new 40-unit memory care facility.
Replacing the existing 13-unit facility, the new development will allow The Orchard to accept male residents in need of memory care – an option not available with the current facility due to size and design restrictions.
Construction will begin in summer 2019 and is expected to be complete by the following summer.
NHI acquires Michigan assisted living facility for $13.5M
National Health Investors, Inc. (NYSE: NHI) acquired Brighton Manor, a 73-unit assisted living/memory care facility in Brighton, Michigan, for $13.5 million. NHI will lease the facility to an affiliate of Comfort Care Senior Living.
The 10-year lease will have a lease rate of 7.75% plus annual escalators starting in year 3. The acquisition was funded by NHI’s revolving credit facility.
Triloma Seniors Housing acquires two Illinois assisted living communities
Triloma Seniors Housing, an affiliate of Triloma Financial Group, acquired two assisted living communities totaling 135 units in southern Illinois: The Fountains at Granite City and The Fountains at Godfrey.
St. Louis-based Cedarhurst Living partnered with Trilomaon the acquisition and will manage the communities. Cedarhurst currently operates 22 communities in Illinois, Missouri, Kansas and Oklahoma, with 10 of those communities in and around St. Louis. Senior financing for the acquisition was provided by Regions Bank through its Healthcare Real Estate Group.
The joint venture plans to spend $1.8 million on capital improvements to the communities.
Commonwealth Senior Living acquires Virginia senior living community
Commonwealth Senior Living completed the acquisition of a senior living community in Onancock, Virginia, from Pinnacle Senior Living. The community has been re-branded as Commonwealth Senior Living at the Eastern Shore, and CSL launched a $2.5 million capital improvement program which will include the addition of a memory care neighborhood. It will be the first dedicated memory care community on Virginia’s eastern shore.
KR Management assumes operations at Florida assisted living facility
KR Management is the new operator of The Addington at Wellington Green, an assisted living and post-acute care facility in Wellington, Florida. Indian Shores, Florida-based KR Management is a senior living and rehabilitation services provider and manages independent living, assisted living and rehabilitation centers in Largo, St. Petersburg, Sarasota, The Villages, Seminole and Tarpon Springs.
United Church Homes acquires Ohio assisted living community
United Church Homes acquired an independent senior living community in Dayton, Ohio, formerly operated by Brookdale Senior Living (NYSE: BKD). The three-story apartment complex will be rechristened Trinity Community at Miami Township.
Marion, Ohio-based United Church Homes has a national portfolio of 74 senior living communities.
Companies featured in this article:
BMO Harris Healthcare Real Estate Finance group, Brookdale Senior Living, CBRE National Senior Housing, Cedarhurst Living, CIT Group Inc., Comfort Care Senior Living, Commonwealth Senior Living, Focus Healthcare Partners, KR Management, Life Care Services, National Health Investors, Pinnacle Senior Living, Regions Bank, SunTrust Banks, Triloma Senior Housing, United Church Homes, Virtus Real Estate Capital