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.
KIRKLAND, Wash. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington. In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has acquired two skilled nursing facilities in separate transactions with a total investment amount of $62.1 million. The company acquired a 125-bed skilled nursing facility in the Mid-Atlantic and a 134-bed skilled nursing facility on the West Coast. CareTrust’s investment in the Mid-Atlantic facility, inclusive of transaction costs, was approximately $37.7 million and will generate an initial annual base rent of approximately $3.4 million. The company has leased the facility pursuant to a new 15-year, triple-net lease that includes two five-year …
TENNESSEE — VIUM Capital has provided $12.4 million in bridge financing for three assisted living facilities totaling 160 beds in Tennessee. The financing funded the properties’ acquisition at a 75 percent loan-to-cost ratio. Further details were not disclosed.
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA), in partnership with Seniors Housing Business, has released the 2024 edition of the ASHA 50, which ranks the 50 largest owners and operators in the U.S. seniors housing space. Based in Washington, D.C., ASHA is a trade association that advocates for and represents companies that develop, own, operate and finance seniors housing. The ASHA 50 rankings are based on self-reported portfolio sizes, ranked by total number of units, as of June 1, 2024. Data was also gleaned from other reliable sources, such …
DUBLIN, Ohio — JLL Capital Markets has secured a $115 million bridge financing for a portfolio of four Town Village independent communities totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan. JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, nonrecourse loan through Ally Bank. The properties were built between 2000 and 2002 and have all undergone renovations by the borrowers. Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen led the JLL team.
CENTRAL FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 60-unit assisted living community in Central Florida. A national real estate investment platform acquired the asset and brough in a regional operator to take over management. Further details on the transaction were not disclosed. Blueprint marketed the opportunity as part of a portfolio encompassing 16 senior communities located throughout the Southeast, Midwest and Mid-Atlantic. The subject community was positioned as a value-add offering, with a history of strong performance and significant upside potential, particularly due to …
SKOKIE, Ill. — Covenant Living Communities and Services, a Skokie-based owner-operator, has appointed Tanya Mazor as vice president of philanthropy. Mazor previously held key positions with Jewish Home and Care Center Foundation, the Milwaukee Center for Independence and the Milwaukee Symphony Orchestra. In her role at Covenant Living, Mazor will be responsible for oversight on all aspects of the organization’s philanthropic initiatives, including donor engagement, fundraising campaigns, and partnerships with local and national organizations. She will work closely with the directors of philanthropy and partner with the board of directors …
ATLANTA — Seniors housing is a sector that has a long track record of carefully balancing care for its residents with the fundamentals of real estate, namely the return on investment in the form of monthly rental rates. Equity and debt partners have appreciated the sector as an investment vehicle for decades, but are now fully grasping how important operators are to realizing those gains. This was the topic of discussion among the “power panel” of executives at InterFace Seniors Southeast, an annual conference that was held at Westin Buckhead …
PASADENA, CALIF. — Bridge Housing, with R.D. Olson Construction as general contractor, has opened Heritage Square South, an affordable seniors housing community in Pasadena, a northeastern suburb of Los Angeles. Heritage Square South features 70 one- and two-bedroom units, 24-hour security, 3,817 square feet of outdoor lounging areas, two flex rooms and a community room. The property also features solar power operations, producing 196,400 kWh of electricity annually.