Transactions & Financings: CBRE’s $615M November; Watermark Grows with Acquisition

Berkadia completes $159M in recent senior housing deals

Berkadia’s Senior Housing & Healthcare Group closed on the following senior housing transactions, totaling $158.9 million in transaction value:

— Senior Directors Ed Williams and Rafael Nobo arranged a $107.6 million Fannie Mae master credit facility for eight independent living, assisted living and memory care communities in South Carolina, Mississippi and Louisiana, on behalf of a Louisiana-based developer. Proceeds will be used to recapitalize the communities, buy out minority investors and consolidate existing debt into one financing.

— Williams also arranged a $13.82 million bridge loan to HUD financing for the owner of Paramount House Senior Living, a 95-unit community in Vacaville, California.

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— Nobo and Senior Director Chris Cain a $21 million Freddie Mac refinancing package for a 150-unit independent living community in the San Francisco Bay area.

— Williams secured a $7.01 million Fannie Mae financing for a Tennessee-based owner/operator on a 99 percent occupied assisted living and memory care community located in Georgia.

— Williams secured a $3.16 million HUD mortgage for the owner of a 52-unit assisted living property located in Indiana.

— Managing Director Jay Healy secured a $2.12 million HUD mortgage for a 60-bed skilled nursing and assisted living community located in Montana.

— Healy and Senior Director Bianca Andujo arranged a $4.1 million loan for a Texas skilled nursing facility, utilizing Berkadia’s Proprietary Bridge Lending platform.

Watermark JV adds to portfolio with two properties

Cushman & Wakefield Senior Housing Capital Markets arranged the sale of two newly constructed senior living communities to a joint venture of Tucson-based Watermark Retirement Communities and a global real estate investment manager.

Elan Southpark Meadows is located in Austin, Texas, and Elan Santa Monica is located in Albuquerque, New Mexico. The two properties are nearly identical in layout, with 77 assisted living units and 36 memory care beds.

Cushman & Wakefield also arranged the acquisition financing. The first mortgage financing was provided by a national lender.

Phoenix Senior Living, Whitehall JV acquires community in South Carolina

Roswell, Georgia-based Phoenix Senior Living has assumed management of an assisted living and memory care community in South Carolina that the company acquired in a joint venture with Whitehall Development Group.

The Phoenix at Greer is an 89-unit community located in Greer, South Carolina. It was formerly operated by Atlanta-based Thrive Senior Living.

Phoenix now operates more than 25 communities across the Southeast.

Wells Fargo is the lending partner on this transaction; financial details were not disclosed.

Blueprint completes 2 transactions

Blueprint Healthcare Real Estate completed the following transactions:

  • Senior Director Connor Doherty and Associate Ryan Kelly were the sole brokers in the sale of a 45-unit assisted living and memory care facility in northeast Ohio. Blueprint represented the seller and secured the buyer, an Ohio-based owner-operator looking to expand its footprint in the region.
  • Senior Managing Director Steve Thomes, along with Managing Directors Michael Segal and Dan Mahoney, represented a court-appointed receiver in the sale of Wyndmoor Campus, a 180-unit CCRC in the Philadelphia market.

CBRE closes on $615M in November transaction value

CBRE National Senior Housing completed four separate sales transactions involving eight senior housing communities in November, totaling approximately $400 million. CBRE National Senior Housing Debt and Structured Finance team closed over $215 million in unrelated debt transactions during the same period. The eight properties in the sales transactions are located across five different states. In total, the communities consist of more than 960 units across independent living, assisted living and memory care services and sold for an average price per unit of approximately $411,000. All communities except for one were in different stages of initial lease-up.

Bridge Senior Living adds 2 communities to portfolio

Bridge Senior Living assumed management for two senior housing communities: State Street Assisted Living in Dover, Delaware; and Bear Creek Assisted Living in West Windsor Township, New Jersey. The two properties total 172 units and are undergoing renovations and rebranding under the Bridge platform.

Welltower pays $34.3M for Florida senior housing community

Welltower (NYSE: WELL) acquired Inspired Living at Jacksonville, an assisted living and memory care community in Jacksonville, Florida, for $34.3 million. The facility includes 109 assisted living units and 43 memory care units.

Cadence Living, Sabra acquire California horticultural senior housing community

Cadence Living and Sabra Health Care REIT (Nasdaq: SBRA) partnered to acquire Sunshine Care in Poway, California. The community, now named Cadence at Poway Gardens, is situated on 32 acres near the Palomar Hospital in Poway and provides a continuum of care with a focus on residents with differing levels of cognitive impairment. The community is unique in the senior living space in that it is known for its horticultural therapy program that grows more than 20,000 pounds of organic fruits and vegetables every year.

Steinberg Hart, Holzman Moss Bottino enter partnership

Los Angeles-based architecture firm Steinberg Hart and Manhattan-based Holzman Moss Bottino Architecture are joining forces, under the Steinberg Hart banner.

OREC Securities sells Massachusetts rehab center

OREC Securities’ Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker arranged the sale of Pleasant Bay Nursing and Rehabilitation Center, a 135-bed skilled nursing facility and 59-unit assisted living community in Cape Cod, Massachusetts.The buyer is a regional owner/operator.

Parkview Financial arranges $28M construction loan

Parkview Financial provided a $28 million construction loan to a San Marcos, California-based private developer for the development of Paradise Senior Apartments, a five-story, 126-unit 55-plus market rate apartment project in National City, California. Construction for the project is anticipated to begin late 2019 with completion expected by the second quarter of 2021.

Cushman & Wakefield completes sale of Dallas senior housing portfolio

Cushman & Wakefield Senior Housing Capital Markets Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Director Jim Dooley, and Associate Chris Remeika arranged the sale of two communities in Irving and Plano, Texas, consisting of 265 units of independent living, assisted living and memory care. The properties were acquired by a real estate investment company and are being managed by subsidiaries of Senior Lifestyle Corporation.

Helios Healthcare Advisors arranges bridge loan for Indiana assisted living facility

Helios Healthcare Advisors arranged a refinancing package for a 67-unit assisted living and memory care community in Evansville, Indiana. The community underwent a complete renovation and re-opened in 2015 as the first standalone memory care community in Evansville. Ownership later expanded the community to introduce traditional assisted living units and services to the community.

G5 Pledges $100K to Washington State University Senior Living Program

Real estate marketing optimization firm G5 is pledging $100,000 to fund Washington State University’s Granger Cobb Institute for Senior Living. The contribution, to be doled out over five years, was provided to encourage and educate the next generation of senior living specialists to improve senior living practices, technology and quality of life.

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