Transactions & Financings: ORIX-Hunt Real Estate Capital Merger; Diversified’s $103M Portfolio Sale

ORIX USA acquires Hunt Real Estate Capital

ORIX Corporation USA completed its acquisition of Hunt Real Estate Capital, creating a commercial real estate finance platform with annual loan production in excess of $9 billion and a servicing portfolio of more than $40 billion. ORIX will combine Hunt into its existing brands, Lancaster Pollard and RED Capital Group, to form a full-service entity with the goal of emerging as a top-tier national commercial real estate lender.

Hunt President and Chief Investment Officer James Flynn will lead the newly merged firm.

NHI acquires Minnesota assisted living community

National Health Investors (NYSE: NHI) acquired Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Mahtomedi, Minnesota, for $9.34 million. The community will be managed by Chicago-based 41 Management and added to the operator’s master lease with NHI.

Evans Senior Investments (ESI) represented the seller in the transaction.

American House acquires Michigan assisted living facility

American House Senior Living Communities acquired First & Main Metro Health Village, a 102-unit assisted living and memory care community in Wyoming, Michigan. The community has been renamed American House Wyoming.

LCS assumes management of Virginia community

Life Care Services assumed management of Atlantic Shores Retirement Community, a senior housing cooperative in Virginia Beach, Virginia, effective January 1. Atlantic Shores features 667 independent living, assisted living and memory care residences. Additionally, the community has a comprehensive range of services, social activities, amenities, dining options, and a full continuum of on-site medical services.

Cushman & Wakefield represents Diversified in $103M portfolio sale

Cushman & Wakefield Senior Housing Capital Markets advised Diversified Healthcare Trust (Nasdaq: DHC) the sale of a portfolio of seven communities located in California, Oregon, Arizona, Florida and Rhode Island for a combined $103.3 million.

The Cushman & Wakefield team involved in the transaction included Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Director Dan Baker and Associate Bailey Nygard. The sale is part of $207.8 million in dispositions that Diversified, formerly known as Senior Housing Properties Trust, announced on Jan. 1.

In another transaction, Cushman & Wakefield Executive Director Allen McMurtry and Senior Director David Kliewer represented a joint venture between Fundamental Advisors and Senior Care Development in the sale of The Clare, a luxury CCRC in downtown Chicago, to LCS for a reported $105 million. SCD retained a minority share in The Clare moving forward.

MidCap Financial closes on $10.5M acquisition financing

MidCap Financial closed on a $10.5 million first mortgage on behalf of Titan SeaQuest Management for the acquisition of two senior housing communities in Yuba City, California and Cuyahoga Falls, Ohio. The loan structure also provides Titan with a holdback to fund deferred maintenance and capital improvements at both properties.

Senior Housing Management assuming operations of Minnesota community

Senior Housing Management will assumed operations and management of Traditions of Harmony, a retirement community in Harmony, Minnesota. The facility was rebranded as Harmony Place.

CBRE arranges $28M refinancing

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg arranged a $28.2 million refinancing package on behalf of Greystar Development for Overture Sugarland, a 200-unit active adult community in Sugar Land, Texas. CBRE secured a non-recourse, floating rate bridge loan with 18 months of interest only through its multifamily bridge lending program, MF1 Capital, a joint venture with Limekiln Real Estate and Berkshire Group.