ENGLEWOOD CLIFFS, N.J. — Oxford Finance LLC has provided a $64.6 million term loan and revolving line of credit to The Portopiccolo Group, a New Jersey-based, privately held company. Proceeds were used for the acquisition of three skilled nursing facilities — one in Maryland and two in North Carolina totaling 450 skilled nursing and 50 assisted living beds. The specific names and locations of the communities were not disclosed.
North Carolina
RALEIGH, N.C. — Green Courte Partners (GCP), through one of its investment funds, has acquired The Aspens at Bedford Falls, a 182-unit seniors housing community in Raleigh. Construction of the community was completed in August 2019. GCP acquired the property along with its wholly owned subsidiary True Connection Communities, which will take over operations. The price and seller were not disclosed. GCP plans to convert the community from an active adult focus to a full-service independent living community. Post-conversion, the community will total 181 units, increasing buyer’s total portfolio to …
CLEMMONS, N.C. — Evans Senior Investments (ESI) has arranged the sale of Crest of Clemmons, an assisted living community in the Winston-Salem suburb of Clemmons for $5 million, or $111,000 per unit. The seller was previously the owner-operator, which leased the facility 15 months ago. The buyer is the current regional operator exercising its purchase option. The 45-unit community features 70 operational and licensed beds. It was built in 1984 and renovated in 2005. Occupancy has averaged 85 percent (per bed, not unit) since 2016.
DURHAM, N.C. — CBRE has arranged an $18 million loan to refinance debt on Bartlett Reserve, a 100-unit independent living community in Durham. The borrower is Focus Healthcare Partners. CBRE also arranged the acquisition financing for Focus in 2017. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the floating-rate loan through Fannie Mae.
CHARLOTTE, WINSTON-SALEM and RALEIGH, N.C. — Cadence Living, an owner-operator with properties in the West and Southeast, has taken over management of seven seniors housing communities in the Charlotte, Winston-Salem and Raleigh markets. The three Charlotte-area senior living community locations include Cadence Moorseville, Cadence Huntersville and Cadence Senior Living at Mint Hill. The additional properties include Cadence at Wake Forest, Cadence North Raleigh, and Cadence Garner in the Raleigh area, and Cadence at Clemmons in the Winston-Salem area. The seven communities comprise 402 total units of assisted living and memory …