MINNEAPOLIS — Helios has arranged a $7.5 million term loan and revolving line of credit for a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month, interest-only financing in support of the borrower’s acquisition of a specialty memory care community in an affluent suburb of St. Paul. The community was stabilized at the time of the acquisition and originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. The financing was sourced through …
ST. LOUIS and MIDDLETOWN, Pa. — Lutheran Senior Services (LSS), a faith-based, nonprofit operator based in St. Louis, has agreed to merge with Diakon Lutheran Social Ministries, a Middletown-based nonprofit operator. The agreement will bring Diakon’s senior living operations and four life plan communities under LSS management and form the 12th largest nonprofit seniors housing organization in the country, according to the two companies. The combined entity will features nearly $350 million in annual revenues across 12 life plan communities, one assisted living community and nine affordable seniors housing communities, as …
WISCONSIN — Helios has structured the sale and recapitalization of an assisted living and memory care provider in Wisconsin. A publicly traded regional lender provided the funds. Helios arranged the sale of non-performing assets assets in the portfolio to regional operators, including behavioral health providers in Wisconsin. The broker then repackaged the remaining performing assets, brought in a new operator, and arranged the debt to recapitalize the portfolio keeping the existing financial partner involved and retiring the operating partner and lender.
PHILADELPHIA — Berkadia has arranged the sale of two assisted living and memory care communities in the Philadelphia metropolitan area. Berkadia closed the 142-unit transaction on behalf of a publicly traded REIT. A private equity group purchased the assets for an undisclosed price.
BARRINGTON, Ill. — Berkadia has arranged the sale of a 45-unit assisted living and memory care community in Barrington, approximately 35 miles northwest of downtown Chicago. The Berkadia team of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders represented the seller, a publicly traded REIT. A regional owner-operator acquired the property for an undisclosed price. Further details were not disclosed.
CHICAGO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of three value-add seniors housing communities in western suburbs of Chicago. Opened between 1994 and 2000, the portfolio consisted of three geographically clustered communities, with two distinct managers, offering approximately 290 assisted living and memory care units and approximately 40 Medicare-only skilled nursing units. The communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the communities to preserve liquidity and simplify the portfolio. The buyer was a …
TOPEKA, Kan. — Marcus & Millichap has arranged the sale of Providence Living Center, a 78-bed, 24,000-square-foot nursing facility in Topeka. A limited liability company sold the asset to an undisclosed buyer for an undisclosed price. The Marcus & Millichap team included Rod Llanos and Colby Haugness.
FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.
Although 2023 was a down year for property sales, the seniors housing industry fared better than other real estate sectors, and many investors are already switching to ‘buy’ mode. By Jeff Shaw At first blush, 2023 looks like a bad year for seniors housing property sales. Total transaction volume fell 23 percent to $10.6 billion, the sector’s lowest mark in over a decade, according to data from MSCI Real Assets. “I’m not surprised to see transaction volume down from 2022,” says Kelly Sheehy, senior managing director of Artemis Real Estate …
GREENVILLE, S.C.; SEATTLE; SPRINGFIELD, Mo.; TUKWILA, Wash.; and HILLSBORO, Ore. — Seattle based Merrill Gardens has added four existing communities to its portfolio, along with one new community under construction. The privately held company now operates 65 communities in 17 states. The first community is Merrill Gardens at Greenville. The newly opened independent living community features 129 studio, one- and two-bedroom apartments. Also acquired was Murano Senior Living in Seattle. The high-rise community features 243 apartments with waterfront and city skyline views. The property offers independent living, assisted living and …