IDAHO — VIUM Capital has provided a $7 million bridge loan for the acquisition of a 79-unit assisted living and memory care community in Idaho. Representing 75 percent leverage, the initial advance was $6.4 million with a $510,000 earn-out that can be advanced at HUD submission. The borrower already owned three senior living communities in Idaho, and this project presented an opportunity to acquire at a solid basis and stabilize operations. The plan is to submit a HUD application 12 months post-closing. Further details were not disclosed.
NAMPA, Idaho — The Zett Group, led by Blake Bozett, has arranged the sale of Streamside Assisted Living and Memory Care in Nampa, approximately 20 miles west of Boise. The property features 79 total units. A regional owner-operator based out of Oregon sold the asset to a national owner-operator from California looking to expand its footprint in the state Idaho. The price was not disclosed.
MERIDIAN, Idaho; SANTA CLARA, Utah; and CREEK, Ariz. — Grace Management Inc. has added three senior living communities to its management portfolio: The Pointe at Meridian in Meridian; Snow Canyon Retirement Community in Santa Clara, opening in fall 2024; and Cave Creek Assisted Living in Cave Creek, opening late 2024. Gold Stream Retirement Communities owns all three properties. Based in Salt Lake City, Gold Stream has strategically honed its focus on the development of upscale retirement communities in previously underserved markets. With this expansion, Grace Management now manages 64 communities …
WASHINGTON and IDAHO — Capital Funding Group (CFG) has provided a HUD financing package totaling $42 million. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities: Tim Eberhardt and Ava Julio originated the transaction. The borrower was not disclosed.
MERIDIAN, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding their footprint in the state. The price was not …
BOISE, Idaho — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and …
— By Blake Bozett, founder and CEO, The Zett Group — The Boise metro (Boise, Eagle, Meridian, Garden City) is made up of 75 licensed assisted living facilities, 42 of which have more than 30 licensed beds. Of those 42 assisted living facilities, the ownership type is made up of: national owner/operator (18), local owner/operator (12), REIT (4), regional owner/operator (3), local development company (2), privately held real estate investment firm (1), 1031 investment platform (1) and non-profit (1). These ownership stats aren’t necessarily unique to other metros such as …
HAILEY, Idaho — Seattle-based BearRock Investments LLC has purchased Silvercreek Living, an assisted living community in Hailey, for $6.4 million. The buyer plans to convert the property into workforce housing. Hailey is a small city of fewer than 10,000 residents south of the Sun Valley-Ketchum metro area in Central Idaho. Located on McKercher Boulevard, the 24,600-square-foot asset consists of two 12,000-square-foot buildings, each offering 16 studio apartments and a large commercial kitchen. Paul Kenny of Paul Kenny & Matt Bogue Commercial Real Estate represented the buyer and undisclosed seller in …
IDAHO, NEVADA and OREGON — Berkadia Seniors Housing & Healthcare has arranged a total of $40.8 million in financing for a skilled nursing facility in Idaho, transitional care facility in Nevada, and an independent living, assisted living and memory care community in Oregon. For the Idaho property, Jay Healy closed an $8.3 million 232/223(f) HUD loan to refinance a Berkadia and Live Oak Bank bridge loan for the asset’s acquisition. The five-star, 60-bed facility was built in 2017. The loan features an 80 percent loan-to-value ratio and 35-year term. Occupancy …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility. In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.
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