Transactions & Financings: White Oak’s 4-Property Portfolio Acquisition; Arbor Company’s $90M Credit Facility

White Oak acquires 4 property senior housing portfolio

White Oak Healthcare REIT completed the acquisition of a four community, 482-bed senior housing portfolio which included two communities in Arkansas, one in Florida and one in Pennsylvania. The seller was Baltimore-based Capital Health Group (CHG), which retains a minority stake in the portfolio, completed renovations to the buildings and will continue to operate the properties via its management arm, Milestone Retirement Communities.

M&T Realty Capital Corporation Managing Directors Matt Pipitone and Steve Muth provided financing for the transaction. The portfolio consists of 104 independent living units, 230 assisted living units and 103 memory care units, and was 95% occupied at the time of sale.

White Oak announced in March it planned to invest up to $500 million in a mix of senior housing and skilled nursing properties, with a leveraged value of $1.5 billion.

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BMO Harris arranges $90M credit facility

BMO Harris Healthcare Real Estate was the administrative agent and lead arranger on a $90 million acquisition loan for three senior housing communities in the mid-Atlantic region. The communities are a mix of assisted living and memory care units and are managed by The Arbor Company.

Lancaster Pollard arranges $49M financing for The Ridge Senior Living

Lancaster Pollard Vice President Ross Holland, and Managing Directors Doug Harper and Casey Moore arranged a $49.1 million financing package on behalf of The Ridge Senior Living. The loans, arranged through Fannie Mae’s senior housing program, will provide long-term financing for Ridge’s communities in Cottonwood, Utah and The Ridge Foothill in Salt Lake City, as well as a cash-out for the provider.

In another transaction, Lancaster Pollard Vice President Grant Goodman, along with Harper and Moore, assisted Vaca Valley Living in securing a $7.85 million Fannie Mae loan for its 50-unit senior living community in Vacaville, California. The proceeds will be used to recapitalize existing debt while delivering equity out for the operator.

CBRE arranges $34M refinancing for Blue Moon Capital Partners, LCS

CBRE National Senior Housing Vice Chairman Aron Will and First Vice President Austin Sacco secured a $34.1 million refinancing package on behalf of a joint venture of Blue Moon Capital Partners and LCS Real Estate for The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, Texas.

The loan, secured from a national bank, carries a five-year, floating rate term with 36 months of interest only.

Cushman & Wakefield sells 2 Boston-area Benchmark communities

Cushman & Wakefield Senior Housing Capital Markets Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Director Tim Hosmer, and Associate Chris Remeika advised a joint venture of Benchmark Senior Living and Oz Real Estate in the recapitalization of Benchmark Senior Living at Woburn, an 87-unit assisted living and memory care community in Woburn, Massachusetts; and Benchmark Senior Living on Clapboardtree, a Class-A, 90-unit assisted living and memory care community in Norwood, Massachusetts.

The fully stabilized portfolio offers 177 assisted living and memory care units. Benchmark Senior Living will continue to manage the communities.

TD Bank arranges $9M construction financing

TD Bank’s commercial real estate group arranged a $9 million loan on behalf of the Deerfield Beach Housing Authority (DBHA) and Smith and Henzy Advisory Group, for the renovation of the Palms of Deerfield Apartments, a 100-unit affordable senior apartment community in Deerfield Beach, Florida. The proceeds will be used for extensive renovations of the units, and residents will be moved to comparable units until their original apartments are completed.

Renovations began in July and are expected to be completed in July 2020.

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